What Is It?
Project Financial Stability is a new and emerging financial outreach strategy. During 2020, the leadership at Unitus Credit Union (Unitus) identified a collaborative opportunity with the Urban League of Portland (ULP). The vision of the Unitus collaboration with the ULP is to assist ULP clients, no matter where they are in their journey, to overcome generational wealth disparities in the Black and African American communities.
To reach this vision of improved generational wealth in the Black community, Unitus has taken a leadership role in bringing together 5 area credit unions (CU), who are committed to the shared value of serving and lifting up underserved communities, specifically communities of color. These CU’s include Advantis, Rivermark, Point West, and Consolidated Community. They are all located
in the Portland-metro area.
Collectively, these CUs will provide educational resources and affordable financial products and services to ULP clients. Products are all encompassing, including services that are specialized
to meet the unique needs of ULP’s clients. They include, credit building loans, affordable small balance personal loans and first-time homeowner programs. These products are flexible and structured to meet the diverse needs of ULP clients.
The purpose of this grant request is to develop a mobile application referral tool that will link ULP to each of the participating credit unions. The app will allow ULP clients to share their unique background information to help determine where they are at in their financial journey (in crisis, surviving, stable, or thriving) to offer recommendations that meet their educational and financial need. Through the app algorithm, an unbiased match for the partner credit union that has the most closely aligned education, product or service, and location to meet this particular need will be provided.
