Holy Rosary Credit Union
“It’s the look on someone’s face when they finally have a car to get to work, or open the first checking account ever in their family, or have a way to pay off a payday loan,” says Carol Wright of Holy Rosary Credit Union. “These are the successes that can change people’s lives and make it all worth it.”
Holy Rosary Credit Union is a very special kind of financial institution. It was created to serve the “unbanked,” the poorest of the poor who have no access to checking accounts or mortgages and other loans. The members, who are also account holders, come from all kinds of ethnic and racial backgrounds: Cuban, Vietnamese, Hispanic and more.
With no trustworthy source for financial services, people in these communities often fall prey to payday lenders and unscrupulous car sales companies, paying far too much, and sinking deeper into debt. Few can get approved for a mortgage. “These are loans that other banks won’t or can’t touch,” says Wright. With the credit union, they have a means to a livelihood, a way to develop their asset pool, and a future out of poverty.
Holy Rosary Credit Union also offers financial literacy programs, such as entrepreneurship, home ownership, and financial education in Spanish. “It takes a village to raise a person…financially,” explains Wright. “CCHD’s matching funds let us apply for a grant so that we can add Vista volunteers to our staff, increasing our manpower. We couldn’t operate without them. We’re all one,” she adds, “and called to reach out to the poor. This is a chance to answer the call.”
This post is also available in: Spanish