OnPath FCU and the OnPath Foundation Partner with United Way on IDA Project
United Way of Southeast Louisiana’s Individual Development Account Project expands partnerships in the New Orleans Metro Area
HARAHAN, LA (August 18, 2023) — OnPath Federal Credit Union and the OnPath Foundation are excited to announce their partnership with United Way of Southeast Louisiana (UWSELA) on its Individual Development Account (IDA) Project as they expand their efforts to low-income individuals and families in the New Orleans Metro and surrounding areas.
Launched in 2006, this incredible project was designed to aid individuals and families with limited financial resources through a system of matched savings. UWSELA’s IDA Project effectively addresses the needs of a community that has high percentages of intergenerational poverty and affords participants the opportunity to acquire new homes or vehicles, launch or enhance ongoing small businesses, fund post-secondary education, or make essential home repairs.
“United Way’s collaboration with OnPath represents a shared commitment to fostering economic opportunity within our community,” said Michael Williamson, UWSELA President and CEO. “Through the IDA Project, we are creating pathways for low- to moderate-income households to attain wealth-generating assets, a critical step toward long-term financial stability. OnPath’s support amplifies our impact and underscores the importance of collaboration in building brighter, more equitable futures for all.”
Through this initiative, individuals contribute regular deposits into designated development accounts maintained by a nearby financial institution and participate in asset-specific education to prepare for their future investments. Once the savings target is met, UWSELA provides a matching fund for the intended asset acquisition. Since its establishment, the IDA Project has successfully transformed the dream of home ownership into a tangible reality for hundreds of families within our local neighborhoods.
“One of our core responsibilities as financial advocates for our members and the communities we serve is to find and support paths towards generational wealth. Forming this partnership was a straightforward decision as we actively seek additional avenues to bolster our communities for the long-term,” stated Jared Freeman, OnPath Federal Credit Union President, and CEO. “In the midst of today’s financial landscape, we recognize our work with the United Way will place more of our neighbors on the path for a much brighter financial future. We are honored to be a part of their journey.”
For more information on the IDA Project, visit UnitedWaySELA.org/IDA-Project.
For nearly 100 years, United Way of Southeast Louisiana (UWSELA) has been a leader and trusted partner in improving lives and making a lasting difference. We fight to eradicate poverty by preparing people for quality jobs, growing incomes, and affording better health and education opportunities throughout Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, Tangipahoa, and Washington parishes. We have a bold vision of equitable communities where all individuals are healthy, educated, and financially stable – and we have a plan. United Way of Southeast Louisiana’s Blueprint for Prosperity guides all strategic investments in programs, initiatives, collaborations, volunteerism, and advocacy aimed at tackling poverty. For more information, please visit UnitedWaySELA.org. Find us on social: @UnitedWaySELA.
About OnPath Federal Credit Union
Founded in 1961 on the grounds of Avondale Shipyards, Inc., ASI Federal Credit Union was established to serve blue-collar workers. Today, OnPath FCU’s membership is open to anyone who lives, works worships or attends school in the greater New Orleans area, as well as in 11 other nearby cities, employees of one of their 600+ SEG program businesses, or their relatives. Through its core values of Empathy, Passion, Integrity, Innovation, and Commitment, OnPath has grown to include over 53,000 members, has had more than $1.2 billion in total lending impact across Southeast Louisiana, and holds more than $650 million in assets. OnPath has ten branches in four parishes, and it offers a broad range of loans to its members, including residential mortgage, business, direct and indirect auto, Visa credit cards, and unsecured loans. To learn more, visit https://www.beonpath.org/.
