DURHAM, N.C. — The $51 million Latino Community Credit Union will add branches and roll out some much needed products, like fixed rate mortgages, should the CU win a large award from a philanthropic partnership between Wachovia Bank and the John D. and Catherine T. MacArthur Foundation.
Latino had to win several initial rounds of the competition to get to this point, according to its CEO Luis Pastor. If the credit union wins it will be in the category of financial institutions of $50 million and above and its share of the $8.25 million will be $5.5 million.
"We are delighted to be selected as a finalist for the Wachovia NEXT Awards for Opportunity Finance. This validates our hard work in the community and our efforts to provide affordable financial services to families and neighborhoods that might not otherwise have access to it. We are honored to be chosen as finalists for an award that could really transform Latino Community Credit Union and take it to the next level, allowing our credit union to impact more families in the community," Pastor said.
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Pastor said that should it win the CU will use the money to open more branches and to help it offer more products. The CU will also use the cash, which will come in the form of a $5 million long-term loan for 10 years and a $500,000 grant, to help manage and meet its strong growth.
"We have to remember that just two years ago we were a $20 million credit union," Pastor said. "This kind of growth needs to be planned for and managed because we don't want to get so far ahead that we cannot get back if we need to."
Indeed, there are indications that the credit union is breaking out of an identity rooted entirely in being a financial institution and is on the edge of becoming something of a cultural phenomenon in the nation's Latino community.
One recent example is the CU's role in the creation and promotion of the first Hispanic feature film ever shot in North Carolina.
Los Sue??os de Ang?(C)lica is the film version of the CU's three-part dramatic mini series dedicated to financial education. The primary purpose of the video is to show community members, and the general population, the process of buying a home. Latino Community Credit Union (LCCU) produced it with a grant from the CDFI Fund, a program of the United States Treasury Department. LCCU contracted Rodrigo Dorfman's creative services as producer and director.
Los Sue??os de Ang?(C)lica is the moving story of an immigrant couple from Latin America, Ang?(C)lica and Roberto, who are discussing whether to return to their home country or stay in the United States. With an unexpected event, everything changes and the couple is faced with the difficult realization that one of them will have to sacrifice their dream for the other.
The film is part of LCCU's groundbreaking Home Buyer Education (HBE) program. These materials consist of an HBE Guide and the companion video series. LCCU will provide 25,000 copies of the guide and 1,200 copies of the video to be used throughout the United States by other credit unions, community centers, and other organizations, thereby increasing its effect far beyond North Carolina.
"At LCCU we recognize that the overwhelming majority of our more than 50,000 members have little or no experience with financial services and therefore need extensive financial education to integrate into the mainstream U.S. financial system," says Angel Romero, director of marketing and communications at LCCU. "Financial literacy is a fundamental part of LCCU's mission. All of our products are designed to promote financial education in the community as well as meet the unique needs of members. Using video to educate our members, and the community in general, is a fabulous tool to spread our message."
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