Neighbors Federal Credit Union will use a (CDFI) Community Development Financial Institution Grant to increase financial opportunities for one of the community’s most economically distressed populations: single moms and female-led households.
Women’s Empowerment Program (WEP) will provide access to financial resources that can empower underserved women (low-to-moderate income) to reach financial goals through financial education, one-on-one financial counseling, and affordable banking products.
Neighbors FCU is proud to partner with local non-profit organizations to seek-out and obtain referrals for women that may benefit from participating in WEP. This includes women that are under-bank, unbanked, or those that have thin to poor credit.
Participants will have the opportunity to attend a one-on-one financial coaching session with a Certified Credit Union Financial Counselor through Neighbors FCU. Access to financial education classes that cover critical basic financial concepts will be provided. WEP will also include opportunities to access Second Chance Checking, Incentivized Savings Accounts, and affordable loan products.
Neighbors FCU Financial Literacy Coordinator Kim Chapman says “the program will take a holistic approach, one that teaches individuals to manage finances for short and long term goals combined-rather than going day-to-day and ignoring future needs.”
Neighbors FCU will host monthly orientations beginning summer 2021 for women interested in learning more about the benefits of the program and how they can participate. Orientations will be held in–person at the EBRP Main Library located at 7711 Goodwood Boulevard and virtually via WebEx. At the conclusion of each orientation, enrollment applications will be made available. Enrollment will be based on financial need and credit union membership eligibility.
Neighbors Federal Credit Union is an NCUA Low Income Designated credit union and the largest CDFI in the State of Louisiana. Its mission of “enhancing members’ financial well-being and being a partner in the communities we serve” is reflected in its partnerships with nonprofits in the economically distressed communities it serves and extends to its stewardship of the cooperative credit union movement by sharing its CDFI products and policies with other not for profit credit unions
As the only CDFI in the area to offer a suite of products tailored to low-income female head of households, Neighbors FCU’s objective focuses on increasing the volume of Financial Products through its Women’s Empowerment Program, thereby meeting the needs of extremely underbanked low-income female-led households.