South Side Community Family Credit Union

12 Apr
South  Side Community Family Credit Union

South Side Community Family Credit Union

 

 

As one of the fastest growing credit unions, The South Side Community Family Credit Union (SSCFCU) has been improving the financial status and quality of life of members for over five years.  Although the credit union has a television commercial advertising its products and services, the positive results of their offerings have not yet been seen on TV.

 

Following are facts about the SSCFCU that were provided by Gregg Brown, President and CEO, that I am certain would not be seen on TV.

 

·        At least 33% of the credit union members had never had bank accounts prior to opening accounts at SSCFCU.  Currency exchanges and pay day loan stores were their financial institutions. 

 

Editor’s opinion: This is due to the fact that there are more of these pimps than financial institutions in African American communities.  I think this is a form of oppression that is not addressed as heavily as it should be.  But, I do wonder: if more people knew that they were being pimped, would they stop using currency exchanges and pay day loan stores?

 

·        Over 2500 accounts have been opened within a five year period.

 

·        The credit union offers free one-on-one credit counseling. They also help people to develop budgets and savings plans.

 

·        Free home ownership counseling and foreclosure prevention programs are available.  To date, approximately 25 members have purchased their own homes after taking home ownership classes at SSCFCU.

 

·        SSCFCU has refinanced members out of payday loans, saving them thousands of dollars on interest they would have had to pay at the payday loan store.

 

·        Members can increase their credit scores with a credit builder loan.  As a result of this program, the score of one member has increased drastically from a mere 150 points.

 

Other notables about SSCFCU:
 

 

·        It is the only community development credit union on the South side of Chicago that is African American owned and operated.

 

·        Members become owners of the credit union by opening an account with a $5 deposit.  This $5 investment gives members voting rights and the opportunity to volunteer.

 

·        Any money deposited into the credit union is lent directly back into the community.

 

 

As you have read, the SSCFCU is doing great things in the African American community.  Stop in to check it out at 5401 S. Wentworth, Suite 25, in the Grand Crossing Mall in Chicago.  Visit 

http://www.southsidecommunityfcu.org/ for more information.  Or, call 773-548-5500 to learn about the workshops and services provided.

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