CHICAGO—The MacArthur Foundation has invested $15 million in the form of a low-interest loan to Self-Help Ventures Fund, located in Durham, N.C.
The investment is to support the efforts of $2-billion Self-Help Federal Credit Union to stabilize and grow the recently acquired operations of Seaway Bank, which historically provided banking services in underserved African-American communities on Chicago's South Side, the foundation stated in a release.
CUToday.info previously reported the acquisition, which occurred in late in 2017.
The credit union acquired the remnants of the failed bank from Dallas-based State Bank of Texas, which acquired the bank in late January from the FDIC. Until it was conserved, Seaway had been Chicago’s largest black-owned bank.
In 2017, the MacArthur Foundation awarded 121 grants and impact investments totaling $40.2 million to local nonprofit organizations.