Principle Seven: Concern for community. Since credit unions are locally owned financial institutions, they are committed to investing in the community.
Self-Help Credit Union announced a partnership with Bank of America and the Tory Burch Foundation to provide loans to female entrepreneurs in North Carolina and three South Carolina counties. The initiative is part of a two-year, $10 million lending effort in selected regions & cities across the country.
Called Elizabeth Street Capital, the funding initiative will provide loans of $1,000 and up to women-owned businesses. Loan recipients will also benefit from mentoring and networking opportunities. Self-Help will administer the loans.
According to a page posted on the Self-Help web site, businesses all 100 counties in North Carolina, as well as Chester, Lancaster and York Counties in South Carolina are eligible to apply. The Charlotte Observer explored the partnership between Bank of America, the Foundation and the credit union, in its Monday March 31 edition.