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ACCESO,

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Loans are participated amongst the 3 CU partners. ACCESO is an SCC ... Small personal loans & credit builders. Secured & unsecured loans. Mortgages. SAVINGS ... – PowerPoint PPT presentation

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Title: ACCESO,


1
ACCESO, A Collaborative Model for serving the
Latino Market Carla Decker, DGEFCU June
2006 Federations Latino Conference
2
Presentation Overview
  • Context for our Collaborative Model
  • Partnership Structure Governance
  • ACCESO The Shared Branch
  • - Products Services
  • - Community Outreach
  • - Operating Goals Initial Performance

3
Brief History
  • DGEFCU was chartered to serve District Government
    employees. But it also served the broader DC
    community via ATM machines located within various
    Police stations in the city.
  • Alianza FCU was chartered in the 1990s to serve
    Latino immigrants in Ward One. It failed and was
    merged into DGEFCU.
  • DGEFCU operated the Alianza Branch but closed it
    after a failed partnership with CBO.
  • In the early 2000s, DGEFCU renews commitment to
    serve acquired FOM / Remittances gain the
    interest of international organizations, volume
    and economic impact in LA begin to be tracked /
    Lowering the cost of remittances becomes a
    concern for the governments of the Americas, the
    IDB, and OAS.

4
Demographics of the FOM
  • Over 73,000 residents approx 30,000 immigrant
    Latinos high linguistic isolation.
  • Median HH income 36,902 with 22 of population
    living in poverty.
  • 72 of HHs rent.

Ward One, WDC
5
Market Demands vs. DGEFCU Offerings
  • Convenience local presence, extended and
    weekend hours, friendly ? service in Spanish,
    menu of transactional products
  • Branches inside Municipal buildings
  • Branch hours Mon Fri 830 a.m. 330 p.m.
  • No Spanish speaking front line staff
  • Relatively robust menu of transactional services

6
Additional Challenges for DGEFCU
  • Financial Resources
  • Capacity to add a 3rd branch
  • Capacity to serve immigrants, capacity to
    integrate ourselves into the community
  • Staff and member buy-in

7
The Collaborative Process
  • Aligning interests and desired objectives
  • Developing the shared branch model
  • Obtaining board buy-in
  • Formalizing the partnership
  • Organizing Credit Union Service Organization
  • Collaborating!!!

8
The ACCESO Collaborative
9
Structure Governance
CUSO Board (3 Directors/CU)
Advisory Board
DGEFCU 40M 10,500 mbrs
IDB-IIC FCU 274M 7,300 mbrs
OAS Staff FCU 116M 4,700 mbrs
10
ACCESOs OBJECTIVE
  • To serve the multicultural and diverse
    communities of Ward One
  • Adams-Morgan
  • Mount Pleasant
  • Columbia Heights
  • through financial products, services, and
    education designed to meet the needs of Hispanic
    and Caribbean immigrants.

11
ACCESO the shared branch
  • Opened February 26, 2006.
  • Staff are bilingual in English and Spanish most
    are New Americans half live in the community.
  • Staffing and operations same as any retail CU
    branch. All infrastructure support derives from
    the 3 CU partners.
  • CU membership offered through DGEFCU.
  • Loans are participated amongst the 3 CU partners.
  • ACCESO is an SCC shared branch outlet.

3059 Mount Pleasant Street NW Washington, D.C.
20009 Monday-Friday 830 a 700 p Saturday
830 a 230 p
12
Products and Services
  • SERVICE
  • Check cashing
  • Remittances
  • Money orders
  • Shared branch transactions
  • CREDIT
  • Small personal loans credit builders
  • Secured unsecured loans
  • Mortgages
  • SAVINGS
  • Low balance requirements
  • Attractive rates
  • Savings club accounts
  • SAFE accounts

13
Community Outreach
  • Implementation of Open House series.
  • Collaboration with existing community and
    faith-based organizations to complement various
    efforts from IDAs to home counseling programs.
  • Business relationships.

ACCESOs 1st Community Day attracted 300 people!!
14
Operating Goals
  • Create access to affordable financial services
    and credit for the immigrant community within the
    FOM.
  • Goals (for Year 1) include
  • - CU membership participation by un-banked
    individuals
  • - Transactional services of remittances sent
  • - Educational seminars, participation by members
    and non-members of participants
  • - Home ownership seminars of participants
  • - Lending objectives

15
ACCESO Performance (as of May 24th)
  • 53 new memberships
  • Total savings of 197,400, average share balance
    3725
  • One loan disbursed for 1,000, two in the
    pipeline
  • One co-op housing loan for 26 units also in the
    pipeline

16
Benefits to the Collaborative
  • For DGEFCU, a culturally enriched environment
    enhances other sensitivities that improve overall
    service to our members.
  • Name recognition and reputation open new doors.
  • Closer ties to CU sponsors.
  • Overall, good-will!!!

17
THANK YOU! GRACIAS!
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