It is often said that the key to overcoming poverty is education. Three years ago, Southwest Louisiana Credit Union (SWLACU) adopted this vision: “Eliminating Poverty in our Communities”. Our “small” credit union has worked tirelessly to not only embrace opportunities to make a difference, but also pioneer opportunities to bring about positive change in the lives of people in our surrounding communities.
Southwest Louisiana Credit Union, a designated Community Development Financial Institution (CDFI), recently set out to bring financial services to the north Lake Charles community, which has been named a “financial desert”.The community has been disproportionately excluded from much of the economic boom that Southwest Louisiana has experienced over the past five years. The community is often associated with lower economic status and lacks access to essential resources like grocery stores and financial services.
A meeting facilitated by CU Strategic Planning and hosted by SWLACU in 2018 brought like-minded business leaders and other nonprofit and not-for-profit organizations in the same room to brainstorm how resources might be pooled together to bring about “a difference” and be effective agents of change in the local communities. There, SWLA Center for Health Services and Southwest Louisiana Credit Union hatched the amazing and unconventional idea to bring financial services to the north Lake Charles community in the form of a “microbranch”.
During a recent press conference announcing the project, Southwest Louisiana Credit Union CEO Chad Miller said, “Where you live should not determine how big you dream,” noting that financial empowerment is something that “everyone can benefit from”, no matter what side of town you live on. Plans for the microbranch—to be called a “Financial Empowerment Center”— include having a full-time SWLACU staff member on-site to provide free, one-on-one financial counselling services for individuals and families, and an Interactive Branch Kiosk (IBK)ATM machine that will allow members to process almost any transaction just as they would at a traditional branch location.
Members will be able to access their funds, make cash and check deposits, transfer funds, make loan payments and a host of other functions. The center will be housed inside the SWLA Center for Health Services facility located at 2000 Opelousas St. in Lake Charles, La. Miller stated, “People cannot become financially educated without convenient access to financial services,” and this project seeks to change that for the citizens of this community and beyond. JayVon Muhammad, CEO for SWLA Center for Health Services, said, “One of the poor social determinants of health is lacking access to financial education and opportunities.” She added, “The micro branch will serve as a vehicle for north Lake Charles to take control of their finances.”
SWLACU and SWLA Center for Health Services are excited to see the impact and potential growth that this microbranch will bring to the north Lake Charles community. “This is what you think of when you think about community,” said Miller, “North Lake Charles represents family, love and genuine care and concern for our neighbors. It’s about people who look out for one another and it’s a privilege for us to share this space and bring financial services to your community, OUR COMMUNITY.”
The center is expected to open early 2021.
