24 May 2024
A St. Paul credit union is teaming up with a Minneapolis nonprofit to help families repair their credit and build up their savings.
Those who participate in the new 12-month pilot program will sign up for a small credit-building loan from Affinity Plus Federal Credit Union. Then, if all loan payments are made on time, they will be rewarded with a savings contribution to match the loan value, according to Affinity Plus.
The pilot program is being run with the assistance of Build Wealth Minnesota.
“Our goal is always to make banking more accessible to the communities that need it the most,” said Adam Layne, community engagement and business development manager at Affinity Plus, in a release. “Combining efforts with Build Wealth Minnesota and offering resources tailored to help families overcome the disparities in their community really shows that goal in action.”
The 10-person cohort, which is made up of people enrolled in Build Wealth’s Family Stabilization Plan, is designed to ease families into the banking system with financial education workshops and regular meetings with a financial coach from Build Wealth Minnesota.
Founded in 2004, Build Wealth Minnesota is a nonprofit that partners with local communities and businesses to provide underserved families with supportive financial programs and services.
Affinity Plus, which is based in St. Paul, is a not-for-profit credit union that was established in 1930 and has grown to 31 locations across the state.
“There are a lot of tools needed to support our mission of interrupting generational poverty, and by providing this loan and match, Affinity Plus is playing a crucial role in our program,” said Jeffery Robinson, senior program director at Build Wealth Minnesota, in the release.
Two cohorts are planned for the year. For more information, visit bwealthe.org/programs.
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