Credit Unions Provide Expanded Financial Opportunities for Rural Residents
Self-Help is committed to providing access to financial services, including credit, to rural communities. Unfortunately, many of the small credit unions that traditionally provided these services are suffering due to declines in regional manufacturing and agricultural economies. In 2004, Self-Help Credit Union began merging with smaller local credit unions in economically troubled and highly competitive markets in eastern North Carolina. Today, Self-Help Credit Union operates Cape Fear Credit Union in Wilmington, Scotland Community Credit Union in Laurinburg, and Wilson Community Credit Union in Wilson. By providing infrastructure and support to smaller credit unions, Self-Help is making it possible for thousands of member-owners to continue saving and borrowing at reasonable rates from local credit unions.
In 2006, when a textile company announced a shutdown of a major manufacturing plant, Scotland CCU joined with local businesses and organizations to support the hundreds of workers faced with job losses. “Nearly one-quarter of our total membership stood to be negatively impacted by the closing,” says SCCU Branch Director Jim Hunt.
As part of North Carolina’s “Rapid Response” effort, Scotland’s staff provided free financial counseling to members working at the plant. Hunt made presentations to employees at the plant about debt management, foreclosure prevention, budgeting, and money management. He offered private and confidential loan reviews and financial counseling. And the staff created a resource guide referring members to additional sources of employment services, counseling and financial and housing assistance. “As a community credit union, it was important for us to reach out to our community, and partner with our neighbors to try to help out in a time of crisis,” says Hunt.
In March of 2007, Self-Help reaffirmed its commitment to the economy of Scotland County by cutting the ribbon on a newly renovated building to house the new branch operations of Scotland Community Credit Union.
