ST. LOUIS – St. Louis Community CU is partnering with Carrolton Bank on a four-year, $800,000 program that will increase lending, provide greater access to affordable services, and expand financial education to underserved and low-to-moderate income St. Louis communities.
The agreement includes four commitments – to open a new credit union branch in an underserved community, to open a new financial learning center, to increase funds for small-dollar loan programs and to add two loan programs.
Carrollton Bank will provide funds to help St. Louis Community open and operate its 11th branch in an underserved low-to-moderate income community later this year.
Funds will also be used to help open and operate St. Louis Community’s first CU Excel Center, a financial literacy and life skills education destination point, located in Northwoods. This center will be owned and operated by the St. Louis Community CU Foundation and will offer free financial education classes and seminars to the public. The foundation was established to offer an outlet for financial education and empowerment, as well as to help low-to-moderate income residents improve their standard of living.
St. Louis Community and Carrollton Bank employees will teach many of these classes, with help from partner community groups.
The bank will provide a $500,000 loan fund to be used to make more small-dollar loans that include Payday Loan Alternative and Credit Builder. These loans will be originated by St. Louis Community lenders at their offices just as they are done now.