VACAVILLE, Calif. Travis CU has partnered with Yolo Family Resource Center on Tanda loans, a program that incorporates financial education, peer learning, and social reinforcement and rewards to the local underserved Hispanic community.
According to the Yolo Family Resource Center, Tanda is a way in which participants can save money toward a large purchase or pay off debt. As part of the pilot program, partially funded by a grant from the National CU Foundation, Travis CU researched how the Tanda product/program could be coupled with financial education and used to build the credit of participating individuals at the credit union and through credit bureau agencies.
“The grant’s goal was to study, test and implement a savings and lending program that leverages a Latin American cultural tradition, the Tanda,” said Barry Nelson, executive vice president of Travis.
