DURHAM, N.C. - Duke University has committed to deposit up to $5million in the Latino Community Credit Union over the next fiveyears, the CU announced on June 6.

The investment will guarantee affordable financial services forlow-income individuals in Durham who find it difficult to obtainloans and mortgages through conventional lending sources becausethey lack credit history, the CU said.

The money will be deposited in million-dollar increments andcould provide funding for as much as 50 mortgages, or about 200people. LCCU will dedicate the funds for low-income consumer andmortgage lending in Durham County, which is home to more than halfof Duke's work force. "We are pleased that Duke University hasdeepened its long-standing commitment to LCCU and strengthening ourcommunities," says Alison Beck Yonas, director of financialmanagement at the credit union and a Duke University alumna. "Wesee this substantial deposit-the largest the LCCU has received-as acatalyst for continued growth of the credit union, and increasingour ability to provide additional affordable financial services tothose most in need."

LCCU claims to be one of the fastest-growing credit unions inthe country. In just six years of operation, LCCU has made morethan 7,800 consumer loans for $32.4 million. Three-quarters of LCCUborrowers have no credit history when they first receive a loanfrom the credit union, and an average of 750 members create theirfirst credit history each year through its credit-builder and othersecured loans. Members currently have $25 million in total savings.LCCU recently launched secured and unsecured credit cards, andcontinues to develop plans for providing Internet banking. Sinceits creation in 2000, with the support of credit union leaders likeState Employees Credit Union of N.C., Self-Help Credit Union andthe Minority Support Center, the credit union has grown from $10million to $34 million in assets, serving more than 45,000 memberswith five branches across North Carolina, the CU said.

"I am delighted with the success and remarkable growth of theLatino Community Credit Union, which is providing importantfinancial services to this rapidly growing segment of the Latinocommunity in Durham and the rest of North Carolina," said DukeUniversity President Richard H. Brodhead. "I am proud of Duke'sparticipation in launching this important enterprise and am verypleased that we can provide this additional support to ensure thatLatinos in Durham can enjoy the many benefits of homeownership."

Duke University became one of the credit union's first andlargest supporters with an initial deposit of $400,000. Duke hashelped to leverage other institutional investors, paving the wayfor the credit union to develop its homeownership program for newAmericans, and enabling LCCU to become a nationally recognizedmodel for encouraging new immigrants to trust and use banks.

Latino acknowledged that part of the reason it has grown so muchis that it has had fertile soil in which to flourish. According tothe U.S. Census Bureau, North Carolina's Hispanic population is oneof the fastest growing in the United States totaling 600,913, or 7%of the state's total population, in [email protected]