Self-Help CU Gets OutsideAssistance

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DURHAM, N.C. - (11/17/04) -- The John D. and Catherine T.MacArthur Foundation said Tuesday it has awarded a $5 million grantto Self-Help CU to help expand three programs. The funds, whichconsist of forgiveness of an existing $3 million loan fromMacArthur and a new $2 million grant, will be used mainly to expandthe community development credit union's Latino mortgage lendingprogram which provides loans to new and recent immigrants fromLatin America throughout North Carolina, according to Bob Schall,director of Resources and Policy for Self-Help CU. The remainder ofthe funds will be used to expand the credit union's new operationsin Washington, D.C., which is used to lobby Congress againstpredatory lending and for other issues, and to expand lending inthe Washington office. The funds will also be used to expand retailservices, like checking and lending, in Self-Help's new Wilson,N.C., branch, which was acquired last year through a merger withFirestone CU. "We're hoping to expand that capability." Schall toldThe Credit Union Journal.

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