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Help provide economic empowerment to underserved communities
Support A Shared Initiative, Inc. on GiveNOLA Day
HARAHAN, LA (April 14, 2015) – There has been substantial media coverage recently about the Consumer Financial Protection Bureau’s (CFPB) efforts to protect consumers from payday lending. But long before the CFPB took up the issue of predatory payday lending, A Shared Initiative, Inc. (ASII) was working to help rescue consumers from these “debt traps” and put them back on the road to financial freedom.
A Shared Initiative, Inc. is a 501(c)(3) nonprofit established by ASI Federal Credit Union post-Katrina to expand its community development efforts and fulfill our shared vision of eliminating poverty. The mission of ASII is to provide affordable lending opportunities and expand access to financial education and other vital community services. The folks at ASII are working every day to make a difference in the lives of real people, like Betty…
Betty was living on a fixed social security income and caught in the debt trap of pay day loans, unable to meet her basic needs. Paying the minimum interest amount on the loans each month never lowered the principal amount she owed. Living on a tight budget with no room for financial emergencies forced Betty into multiple payday loans, a hopeless debt trap that she could see no way out of. One of ASII’s financial counselors recognized her situation and reached out to see how we could help. Betty had been trapped by predatory payday loans for more than 5 years, and we immediately set to work helping Betty develop a realistic budget and complete ASII’s credit counseling course. She was approved for a “Freedom Loan” through ASI FCU, which paid off her multiple payday loans and set her on the path to success with a realistic and affordable repayment schedule. Armed with the education she obtained during ASII’s financial counseling course and the fairly priced “Freedom Loan”, Betty is saving $110 a month and is on the road to financial freedom!
“People turn to payday lenders because they feel like they have no other choice and once they get caught in the cycle, it’s nearly impossible for them to break free,” explains ASII President/CEO Mignhon Tourné. “But that’s where ASII comes in – we are helping free consumers from the debt-trap of predatory, payday lending by empowering them with the knowledge and ability to manage their hard-earned money more effectively.”
Since ASII was established in 2006, the organization has provided financial counseling to more than 2,000 individuals and families. In just the past year alone, they’ve helped rescue 38 individuals from the “debt trap” of predatory payday lending, and with your support they can help even more!
ASII is participating in GiveNOLA Day, which ignites the giving spirit throughout the region, and they are asking for your help to make this fundraising effort a success. On Tuesday, May 5, please visit https://givenola.org/#npo/a-shared-initiative-inc or search for “A Shared Initiative, Inc.” at www.givenola.org, and click “Donate Now.” GiveNOLA Day is a way for our community to come together to give as one. Together, we hope to raise more than $3 million for the region this year, and we won’t be able to do it without your help. Your donation will go a long way in helping ASII reach our vision of eliminating poverty by providing access to economic empowerment and financial mobility to the communities we serve.
About A Shared Initiative, Inc.:
A Shared Initiative, Inc. (ASII) is a 501(c)(3) nonprofit created by ASI Federal Credit Union (ASI FCU) following Hurricane Katrina to more effectively administer ASIFCU’s community development initiatives and combat post-Katrina economic distress in the Greater New Orleans area. ASII shares ASI FCU’s vision of eliminating poverty in all the communities we serve and works to promote economic empowerment and financial justice to people who have been historically overlooked by traditional financial institutions. The mission of ASII is to provide affordable lending opportunities and expand access to financial education and other vital community services.