Self-Help Perspectives - Issue 6

Thank You

The approach of the new year brings opportunity for reflection and gratitude. For many, 2009 was a difficult year as the effects of the deepening financial crisis and rising unemployment spread across the country into almost every city and small town. 

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This year, as always, Self-Help focused on responsible stewardship of the resources invested in us and the communities we serve. We worked closely with borrowers, like Darnella Warthen, and reached out with new and innovative programs, like our neighborhood preservation program in Peachtree Hills, designed to mitigate the effects of foreclosure on our communities. We merged with community credit unions in California and North Carolina (learn more on our News Page) in order to expand our knowledge and our capacity to offer fair and responsible financial services. And our affiliate, the Center for Responsible Lending (CRL) fought to protect consumers from the devastation of payday lending and predatory mortgages. CRL also collaborated on efforts to end egregious overdraft practices, improve credit card policies, and support the creation of an independent Consumer Financial Protection Agency.

We would like to extend our deepest appreciation to the partners, funders, borrowers, and depositors that support our mission, especially in these challenging times. We wish you all a year filled with success and opportunity. Together we will continue the work of creating ownership and economic opportunity for all.

Martin Eakes Wins Lifetime Achievement Award for Responsible Lending

The Opportunity Finance Network (OFN) presented Self-Help CEO Martin Eakes with the Ned Gramlich Lifetime Achievement Award for Responsible Lending.  Mark Pinsky, President & CEO of Opportunity Finance Network, introduced Martin by saying, "Martin is a leader among leaders in a critical segment of the financial services industry-responsible lending. He has made a transformational impact through innovative financing and policy leadership. Because of Martin, countless people and communities across the nation who were underserved by traditional lenders or preyed upon by predatory lenders now have homes and businesses, and are building wealth instead of debt."

View Martin's acceptance speech at the OFN Annual Conference.

Self-Help Wins National Dora Maxwell Social Responsibility Award

The Credit Union National League (CUNA) announced the winners of the national Dora Maxwell Social Responsibility Award for social responsibility and commitment to credit union philosophy. Self-Help Credit Union won second place in its asset category for collaborating on the revitalization of Durham, NC's Walltown Community. Self-Help previously won first place in its asset class in North Carolina.
Our sister credit union, Latino Community Credit Union, won first prize for its feature length film Angelica's Dreams. Self-Help and Latino credit unions were two of four North Carolina credit unions to earn national recognition at this year's CUNA award ceremony.

Learn more about the awards.

In the News: Self-Help CEO on PBS Frontline

Martin Eakes was interviewed on the November 24 episode of PBS Frontline titled "The Card Game ". He spoke about predatory practices in the credit card industry and connections between credit card debt and the foreclosure crisis. "It's almost as if 15 years ago, the industry discovered that you could make money off of the most vulnerable people in America over and over, and that would be the business model."

Read the transcript and watch the video.

Featured Partner: Opportunity Finance Network

Opportunity Finance Network is the leading network of private financial intermediaries with a proven expertise in lending prudently and productively in unconventional markets often overlooked by conventional financial institutions. Working in urban, rural, and reservation-based markets we deliver sound financial returns and real changes for people and communities.

Learn more

Partnership to Offer $27.5 million in loans to NC Small Businesses

ROCKY MOUNT, N.C. - October 8, 2009 - Lt. Gov. Walter Dalton today joined Golden LEAF, the North Carolina Rural Economic Development Center and the Center for Community Self-Help in announcing the creation of the Golden LEAF Loan Program and the Rural Center Loan Program, which will provide loans to help businesses access capital during tough economic times. Priority for the Golden LEAF loans has been placed on North Carolina businesses in the following industries: healthcare, construction, green industries, agricultural, or manufacturing. Minority and women business owners are strongly encouraged to apply.

Learn more about the program.

Borrower Success Story: Independence Starts At This Point

Paul Sugg, CPO, C.Ped., FAAOP  had just fitted a man with a prosthetic leg.  Once dependent on a wheelchair, the patient could now stand on his own. In the midst of a life-changing moment, the man said these words: "I am a complete man again."

But Paul disagreed. "How dare we say we're incomplete even if we have lost a body part?" the Kinston, NC prosthetist says now. "I said, 'no sir, you were complete before I made this. I just provided you a tool to work with.'"

Read More.

Self-Help is a community development lender and real estate developer headquartered in Durham, North Carolina, with locations throughout North Carolina, California, and in Washington, DC,. Visit our Locations Map for contact information or email us with your comments.

Self-Help: Creating and protecting ownership and economic opportunity for people of color, women, rural residents, and low-wealth families and communities.