ST. PAUL, Minn. – US FCU and two not-for-profit groups will open a new type of financial center Monday that will offer financial services combined with financial education and counseling programs aimed at the underserved.
The project is a partnership between the $675 million credit union, Lutheran Social Services of Minnesota and Thrivent Financial for Lutherans and will be located inside the historic Old Swedish Bank Building, the one-time hub of a vibrant neighborhood that has been vacant since 2002. Today, the neighborhood is home to immigrants and low-income families, many of whom are starting small businesses such as restaurants and bakeries.
The Eastside Financial Center will combine credit union products–including checking and savings accounts, consumer loans, and mortgage products–with financial education, debt and credit counseling. It also will offer Individual Development Accounts, a matched savings product.
The center will include a branch of the credit union, which will offer products and services catering to the specific needs of the neighborhood, including check cashing, bill payment, remittances and access to an affordable short-term emergency loan product.
Thrivent Financial created the concept and launched a similar center in Chicago. It has contributed more than $2.1 million to fund various start-up and operational costs, as well as $600,000, which will be combined with $470,000 in federal funds, to match IDA deposits.
