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The MacArthur Foundation invests in Seaway, a division of Self-Help Federal Credit Union

Aug 24, 2018

The MacArthur Foundation has announced more than $26 million in new grants and impact investments to support organizations applying community-driven solutions to foster economic opportunity and equity and to increase peace and safety in Chicago in neighborhoods that have experienced disinvestment, segregation, and isolation. Grants support 12 community organizations, collaborations, and networks seeking to foster economic and social opportunity and to increase peace and safety in Chicago neighborhoods. In addition, the Foundation is investing $15 million in the form of a low-interest loan to Self-Help Ventures Fund, to help strengthen an anchor Chicago financial institution. MacArthur’s impact investment is supporting the efforts of Self-Help Federal Credit Union to stabilize and grow the recently acquired operations of Seaway Bank, which historically provided banking services in African-American communities on the city’s South Side that lacked mainstream banking options.

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About Self-Help

Self-Help is a leading national community development financial institution headquartered in Durham, NC. Since 1980, Self-Help has provided over $8.5 billion in financing to 150,000 families, individuals and businesses. It helps drive economic development and strengthen communities by providing responsible financial services; lending to individuals, small businesses and nonprofits; developing real estate; and promoting fair financial practices across the nation. Through its credit union network, Self-Help serves over 150,000 people in California, Florida, Illinois, North Carolina, South Carolina, Virginia, and Wisconsin.

The nonprofit Center for Community Self-Help is the umbrella organization for the Self-Help family of nonprofit organizations, which includes Self-Help Credit Union, Self-Help Federal Credit Union, Self-Help Ventures Fund and the Center for Responsible Lending.