Ascentra Credit Union, a $413 million institution based in Bettendorf, Iowa, has been selected by The Federal Home Loan Bank of Des Moines as one of seven entities competing for $15,000 to use to further “promote economic development opportunities in their community.“
The credit union has partnered with Diversity Service Center of Iowa to apply for the Strong Communities Award, which “honors the projects, people, and programs that promote local small business growth and retention.”
DSCI provides educational outreach services to guide individuals, organizations, and employers through the immigration process.
Ascentra CU, through its collaboration with the DSCI, launched the “Newcomers Initiative,” an asset-building initiative to help immigrants and refugees pay for the growing costs of residency, naturalization and other related fees.
Dale Owen, president and CEO of Ascentra CU, stated: “I’m proud to say the Newcomers Initiative has been a great success for everyone involved. The immigrants and refugees in our community face unique financial challenges and are too often preyed upon by unscrupulous lenders. This project’s efforts help them overcome many of these barriers and introduces them to a trusted not-for-profit financial institution.”
The winners of the Strong Communities Award will be determined through a public vote. If selected, Ascentra CU would use the Award to “further expand” the program.
“Ascentra Credit Union’s residency project demonstrated a strong commitment to their community, and we wish them the best of luck as we enter the public voting period,” stated Mike Wilson, president and CEO, FHLB Des Moines.
