[Atlanta, GA] — Eighty-year-old Leona Stewart had never been inside a credit union before, but when Self-Help Credit Union (www.self-help.org) opened its new branch on 921 Ralph David Abernathy Boulevard, SW, in the West End, she found staff eager to help. The result: she opened her first bank account and converted two predatory loans, reducing her overall monthly expenses from a whopping $350 to just under $95 a month – a huge savings for someone on a fixed income.
"I was paying a lot of money,” Stewart explained. “I thought, 'God, they gonna kill me with these payments.' But Self-Help worked with me till they got [a lower interest rate, personal loan] through...and I am so happy."
Ms. Stewart joined local leaders, nonprofit groups and community members on September 25, sharing her story at a ribbon-cutting ceremony and reception to celebrate the grand opening of Self-Help's newest branch.
Members of Self-Help’s senior management team and other associates, community leaders and local officials attended the event, including Yvette Humphries, Atlanta regional manager; Mandy Eidson, Self-Help director of business development and community engagement; Ronald Wiley, Self-Help regional director; Tony McNeal, president, West End Neighborhood Development; Atlanta District 4 City Council Member Jason S. Dozier and State Senator Nan Orrock.
The event also featured nonprofit resources available through local organizations including POWER Atlanta, the Urban League of Greater Atlanta, Atlanta Volunteer Lawyers Foundation, the Wren’s Nest, and Family Health Centers of Georgia.
Recently ranked as one of the top ten credit unions in the nation by NerdWallet, Self-Help is one of the fastest growing community development financial institutions in the country. While its services benefit everyone, Self-Help’s presence in Atlanta brings broader access to fair, affordable financing options to communities that have long faced historic barriers to financial inclusion, especially women, rural families, immigrants, and communities of color.
The new branch is Self-Help’s first in Georgia, but the nonprofit is not new to the state. The organization has provided over $7.6 million in loans for a wide range of projects in the Atlanta region.
“Self-Help Credit Union was founded on a mission to provide financial services to underserved communities while creating and protecting ownership and economic opportunity for all,” Self-Help Atlanta regional manager, Yvette Humphries explained. “For over 40 years, we’ve been dedicated to breaking down barriers and ensuring that everyone has access to affordable banking options. We believe that financial stability and growth should not be a privilege reserved for the few, but a right for all.”
“Self-Help is honored to be part of Atlanta’s historic West End, one of the most culturally diverse neighborhoods in the city,” states Mandy Eidson, Self-Help director of business development and community engagement. “As we work hard to respond to the local need for basic, affordable financial services, we look forward to working with local nonprofits, universities, and other stakeholders in the community.”
Local officials outlined the importance of providing fair, affordable pathways for all residents to build credit, secure loans, and have access to the financial resources they need to succeed, regardless of race, ethnicity, community, language or economic background. According to the Federal Reserve, an estimated 4.5 percent of U.S. households (approximately 5.9 million) were “unbanked” in 2021, meaning that no one in the household had a checking or savings account at a bank or credit union, with “I don't have enough money to meet minimum balance requirements,” most cited as the main reason for not having an account.
A recent report from the U.S. Joint Economic Committee highlights the critical role that access to affordable financial services plays in economic mobility. Black and Hispanic Americans are more than twice as likely as white Americans to be unbanked or underbanked. Families at the bottom of the income distribution are over six times more likely than wealthier families to be unbanked, often turning to high-cost predatory lenders instead.
Stories like that of Ms. Stewart underscore the importance of Self-Help’s mission to help underserved communities and empower residents to break the cycle of high-cost debt.
Ms. Stewart was surprised she could open an account with as little as $5 to spend. “I asked if I could join,” she stated. “I had about $15 in my pocket, honey and I joined and put $10 in my account. I was so excited. I went and told all of my friends.”
In addition to Humphries and Eidson, Self-Help recognizes its newest team of experienced financial services professionals in the Atlanta market. The West End team consists of Milly Smith, member service representative; Derek Franklin, universal banker; LaTasha Luke, senior member service representative; Keisha Ennis Ezel, mortgage loan officer; and Seadford Marzette, assistant branch manager. The team has more than 100 years combined financial services experience and offers responsible personal, consumer, and mortgage loans to help reduce historic disparities in homeownership that exist in underserved communities.
Services for members include checking and savings accounts, term certificates, money market accounts, IRAs, loans, mortgages, online and mobile services, debit and credit cards, and small business/nonprofit accounts. Providing excellent customer service, financial coaching, small business assistance, affordable housing and community development also will be key areas of focus.
About Self-Help Credit Union
Self-Help Credit Union was chartered in 1983 to build a network of branches that partner with working families and communities often underserved by the financial marketplace. With over $1.7 billion in assets and serving more than 89,000 members in 39 branches – eight in Florida, one in Georgia, 23 in North Carolina, six in South Carolina, and one in Virginia - Self-Help Credit Union is one of the fastest-growing community development financial institutions in the country. It is part of the Self-Help family of nonprofit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For over 40 years, the national Center for Community Self-Help and its affiliates have provided more than $11 billion in financing to help more than 164,000 borrowers buy homes, start and grow businesses and strengthen community resources. For more information, please visit www.self-help.org.