Alltru CU Reports Impact of Financial Empowerment
April 5, 2022
ST. LOUIS, MO (April 1, 2022) – Alltru Credit Union, a certified Community Development Financial Institution (CDFI) located in the St. Louis metro area, released it’s 2021 Community Impact Report which highlights the credit union’s key strategies, activities, and progress during the last year.
Since 2019, Alltru Credit Union’s full time Financial Empowerment Coordinators have provided accessible and affordable loans and banking products to clients of strategic nonprofit partners in St. Louis.
Within the first nine months of the program being deployed, the world faced a global pandemic, and many of the most financially fragile people in St. Louis lost their jobs, their housing and their ability to care for their family. In partnership with high impact nonprofits like the Urban League of Metropolitan St. Louis, Justine PETERSEN and Community Impact Network, Alltru built new loan products and deployed much needed free financial counseling to the St. Louis community.
The 2021 Community Impact Report details the success of Alltru’s community development strategies throughout the year. Alltru will continue to prioritize investments that meet its three pillars of impact:
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Education
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Job Training
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Sustainable Housing
Examples of the impacts that Alltru provided in 2021 include:
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Deploying more than $35 million in loans to credit scores below 640
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Deploying 7,470 savings, checking, and loan products to low-income census tract families
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Serving more than 1,900 youth in St. Louis with comprehensive financial literacy classes and access to free checking accounts
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Teaching 29 financial literacy classes for local nonprofit clients
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Serving more than 19,000 College Kids savings accounts for incoming Kindergarteners in the City of St. Louis which now have a total of $290,000 set aside for college or trade school
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Donating more than 500 volunteer hours to local nonprofits
“Financial literacy is a privilege, and not everyone has access to it,” said Alltru Financial Empowerment Coordinator, Kenneth Paige. “At Alltru we’re invested in bridging the gap to allow everyone in the St. Louis community the same opportunity to equitable banking,”
Moving forward, Alltru will deploy a full time Financial Empowerment Coordinator that focuses on our partnerships with College Kids savings account and STL Youth Jobs programs. Alltru will provide financial counseling and family support to the more than 24,000 youth between the two programs.
“We must continue to address the issue of access to banking services in underbanked and underserved communities, which are often areas with a large percentage of people of color and low-income residents,” said Tracy Verner, Alltru Community Development Manager. “Alltru is very intentional in our efforts to make sure that no one is left behind and that we’re providing equitable and accessible banking for all.”
To learn more about Alltru Credit Union’s history and impact, view the full report here.
About Alltru Credit Union
Established in 1968, Alltru Credit Union is full-service financial cooperative whose mission is to improve the financial well-being of its members. With 36,000 members and over $300 million in assets, Alltru has provided members with a full line of dependable financial products and services for over 53 years. For more information about Alltru Credit Union, visit www.thebetterwaytobank.org.
Not a credit union member? Membership is available to anyone who lives, works, or worships within St. Charles county, St. Louis county, or the City of St. Louis. Open an account today.