Frequently Asked Questions
General Information
Q: What is Self-Help?
A: Self-Help is a community development financial institution (CDFI), and is one of the largest CDFIs in the United States. Since its founding in 1980, Self-Help has provided $5.57 billion in financing to 62,288 homeowners, small business owners, and other nonprofits, nationwide. Headquartered in Durham, North Carolina, Self-Help operates business offices in several other North Carolina cities, as well as in California and Washington, D.C. Self-Help Credit Union operates a number of full-service credit unions in western, eastern, and the Sandhills regions of North Carolina. Additionally, a number of California-based full-service credit unions are run by Self-Help Federal Credit Union. These “retail” credit unions provide the convenience of walk-in and drive-through service and offer a full range of deposit accounts, consumer loan products, and over-the-counter teller services primarily to local residents.
Q: What is Self-Help’s mission statement?
A: Self-Help’s mission is to create and protect ownership and economic opportunity for minorities, women, rural residents, and low-wealth families and communities.
Q: Is Self-Help a bank?
A: Self-Help is not a bank. Self-Help is a 501 (c)(3) nonprofit community development financial institution (CDFI) that includes two affiliated credit unions. Self-Help Credit Union and Self-Help Federal Credit Union raise market rate deposits from members to make commercial and home loans to members. Its members include nonprofit and religious organizations and other socially responsible individuals and institutions.
Q: What is available at Self-Help?
A: Self-Help offers deposit accounts, consumer loans, and small business and mortgage lending services through Self-Help Credit Union and Self-Help Federal Credit Union. Self-Help also offers commercial and residential real estate development through its community development corporation. Deposit accounts include savings, checking, money market, CD, and individual retirement accounts. Self-Help’s credit union lending includes loans for small business development, home purchases and refinancing, and consumer items. Self-Help’s community development corporation builds and sells affordable housing to first-time homebuyers, and develops and leases commercial property to encourage downtown revitalization in cities across North Carolina.
