PITTSFIELD, Mass.—Greylock Federal Credit Union is set to open a new facility here it says is more than a branch—it’s a Community Empowerment Center that will offer free counseling to help residents–especially the underserved and underbanked–in determining their financial futures. The new branch is set to open in several weeks.
"I hope you can hear how we're here for the whole community. It doesn't matter if it's a language barrier, it's not a matter of their race, religion, age, physical mobility, gender identity, we're here for everyone," John Bissell, Greylock president and CEO, said during an event here, according to iBerkshires.com. "That's the philosophy that we're striving for."
The center has been made possible by $686,500 in grant funds in 2017 from the Community Development Financial Institution Fund. Greylock is the only CDFI certified institution in the county, iBerkshires.com reported.
"The grant was a kick-starter for us, not only in being able to allow us to leverage that money into the community through loans but also change people's awareness of what Greylock was and what we could do and how we could empower people around us," SVP/CLO Jodi Rathbun-Briggs was quoted as saying. "And it also created demand around the services that we were offering. It generated so much excitement and awareness that we grew out of our space. So here we are."
Program Expands Quickly
According to iBerkshires.com, Greylock FCU had developed a financial literacy coaching program several years ago that in its first year had one coach who made 10 appointments. After reaching out to the city to expand the program, the credit union has now provided coaching to more than 1,300 people.
"We've put $15.2 million of loans into the community because of that grant funding that we had," Rathbun-Briggs told iBerkshires.com.
In addition to assistance with budgeting, retirement savings and college costs, Greylock offers an auto loan program for people with challenged credit, payday alternative loans and lifeline loans to help keep people in their homes. It also has connections with social service organizations so it can direct people to other areas that can fill their needs, iBerkshires.com reported.
The new center will include a large classroom with modern technology, several offices and conference rooms and a separate entrance from the remodeled financial branch.
‘Need Somebody to Listen’
"This is going to empower people. So when our members come in and they need some help, many times, they just need somebody to listen to them, somebody to treat them with respect, to listen to their needs, and to help develop their courage, whatever their courage is, to take control of their financial life," Rathbun-Briggs told iBerkshires.com. "And one thing that I think that our all of our coaches do extremely well is provide one thing that tends to be missing with people who are
financially underserved, and that is hope."
The credit union also works with an immigrant community, mostly Latinx, that is used to a cash economy and doesn't have a banking tradition like that of the United States, the publication added.