Credit unions give back to their local communities in many ways.
In addition to offering financial literacy classes, credit unions assist local businesses and farmers with access to funds to grow their businesses. Many credit unions offer free financial classes, no-fee accounts, and micro-loans and support members with scholarships and grants.
When you choose a credit union, your money is invested back into the community through loans and other services. Find a credit union near you and learn more about how credit unions invest in their communities.
Why Local Credit Unions Matter
When you open an account at a credit union, your money stays in the local community. It will be used to help a family get a mortgage, finance a student's education, or help a local business owner open a new store.
How Credit Unions Give Back to Members
Credit unions are not-for-profit organizations; they don't have shareholders like traditional banks. Members are what makes a credit union. Conventional banks will deliver shareholders portions of their profits. Credit unions give back earnings to members through better rates and lower fees.
Financial Literacy and Education
Credit unions are committed to financial literacy and education, no matter the age. Credit unions offer a wide range of classes and services to help individuals towards lifelong financial freedom. A few areas that a course may focus on:
- How credit works
- How to repair credit
- How to create and keep a budget
- Understanding interest rates
- Retirement planning
- Money management
- Purchasing and financing a car
- Saving for college
Each credit union will have a unique financial education program that may include in-person workshops, on-demand videos, printouts, and other resources and tools. Programs can focus on a specific age range from teens, college students, and adults.
Local Lending
Credit unions are excellent sources of local lending services. Many credit unions will lend during times of economic crisis while traditional banks pull back lending to individuals and businesses. Additional reasons members choose local lending with a credit union over a bank include:
- Reputation
- Reliability
- Personal service
- Local expertise
Credit unions as a source of local lending can give members a wealth of knowledge on the community and its economy. Plus, offer unique loan products and, of course, a high level of personalized service.
Supporting Local Businesses and Charitable Organizations
Credit unions are committed to their community. During times of crisis, credit unions always go above and beyond in supporting members and the community. Credit unions raise awareness or funds through "challenges" to members. These challenges may consist of committing money or time to an organization or charity. Examples of ways credit unions assist communities:
- Host giveaways
- Donate to local charitable organizations
- Run donation drives
- Deliver food to first responders
- Support seasonal workers
Ready to Become a Credit Union Member?
Credit unions not only offer you advantages but your community as well. If you're looking to change how you do banking, check out a credit union near you and learn more ways you and your community can benefit.
Find the right Credit Union for you
There are more than 5000 credit unions to choose from across the U.S.
FAQs
Community investing is closely tied to socially responsible investing and focuses on economically improving disadvantaged communities by offering banking services and small loans to fund businesses, non-profit groups and affordable housing initiatives.
How to invest in your local community? ›
Other Options for Community Investment
- Buy real estate in communities of poverty to provide affordable housing for low-income tenants and to revitalize neglected neighborhoods.
- Invest directly in community development loan funds or pools.
- Invest in socially responsible mutual funds with a community investment focus.
How Can You Add Value to Your Community?
- Take Care of the Environment. ...
- Be Willing To Help Others. ...
- Invest in Your Neighborhood. ...
- Mentor the Young People. ...
- Participate in Team-Building Activities. ...
- Make Friends With People With Similar Interest. ...
- Conclusion.
6 Ways You Can Make a Positive Change in Your Community
- Be a Good Neighbor. 🎶 Like a good neighbor, [your name] is there! ...
- Use Your Voice. You have opinions. ...
- Give Your Time. ...
- Put Your Money Where Your Mouth Is. ...
- Paint the town green. ...
- Get involved in local government. ...
- 10 Things to Know about Women's Representation.
Workplaces and communities that invest in the people around them can strengthen social bonds and build trust. One way to strengthen social bonds is to find a need in your community and fill it. A great idea to start is to organize a nature cleanup so you can enjoy the landscape.
What does it mean to invest in others? ›
They are “other-directed.” They are altruistic. They are not about money. By “investing” in others, this means take time with them, give them your attention and mentor them. No doubt, you have lots of experience and know-how.
How do you invest in others? ›
Invest in their professional development.
Perhaps you can provide training or mentoring to a coworker or someone who reports to you. A simple way to develop people is to let them in on your decision-making by taking time to explain a direction or project in terms of intent and purpose.
How do I invest in my own happiness? ›
Invest in these 4 areas for happiness
- Faith and life philosophy: Find what helps you make sense of the world, Brooks suggests. ...
- Family: Strengthen your connections with your family. ...
- Community and friends: Develop strong friendships because they are typically your most intimate relationships.
These are the 5 community values you must know
- Community Sense.
- Accessibility.
- Collaboration Potential.
- Openness.
- Sustainability.
Examples of individual or community values might include respect for elders, honesty in trade, kindness to strangers.
Elements that inform one's community values include membership and belonging, trust in others, and sense of responsibility.
What are five way to improve your community? ›
Here, we'll provide 5 unique ideas around how to make a difference in your community, and ultimately, nurture your social wellness.
- CREATE A LOCAL STIMULUS BOARD. ...
- LAUNCH A COMMUNITY ARTWORK INITIATIVE. ...
- POST A “NEIGHBOR IN NEED” LIST. ...
- TIDY UP YOUR COMMUNITY. ...
- DONATE, DONATE, DONATE.
Belonging and acceptance where there are strong social connections throughout the community. A culture of taking care of each other while accepting people's differences.
How do I find local investments? ›
They can be offered by a wide variety of local businesses such as retail stores, small manufacturers, farms, construction businesses, and professional service providers. Creating or joining Local Investing Clubs & Networks are a great way to meet businesses that offer these local investing opportunities.
What is a local investment? ›
We define local investing as putting one's money to work for the mutual benefit of the investor, local small businesses, and the community as a whole. These benefits can be financial, in-kind (products & services), cultural, and more.
Why invest in low income communities? ›
It's a good way to establish a regular rental income and can have a big payoff when you decide to sell. An affordable housing investment is a way to get into real estate and provide housing opportunities for your community.
Why do entrepreneurs invest in community? ›
By investing in your community, you build a network of support that can help your business weather challenging times. Whether it's through collaborative efforts, shared resources, or community-led initiatives, a connected local business community is more adaptable and resilient in the face of adversity.
