Even cash deposits can have positive social impact.
The Silicon Valley Community Foundation is depositing $8 million in Self Help Federal Credit Union, enough to provide financing for 58 mortgages, 3,745 personal loans, 665 car loans, or 11,204 credit-builder loans.
From a small community development finance institution in North Carolina, Self Help now has credit unions in four states, with $650 million in assets, and has provided over $6.6 billion in financing.
Self-Help supports low-income families, many with limited or damaged credit histories, to obtain “responsible” loan products and avoid predatory lenders. “We dig deep to assess applicants’ true ability to repay a loan, not just their credit scores,” says Self-Help’s Steve Zuckerman.
Silicon Valley Community Foundation claims to be the largest in the world, managing $8.2 billion in philanthropic assets.
Most of the deposits will support Self Help’s East San Jose branch.