WESTERLY, R.I. -- The Westerly Community Credit Union reported it has partnered with Jonnycake Center for Hope to launch a credit builder pilot program.
The program will combine a small loan with financial coaching to help build the participants’ credit, which is essential in securing housing, employment, and other basic needs, WCCU stated.
“We are excited to work with Westerly Community Credit Union to help our members gain access to the tools they need to achieve their financial goals and gain access to housing, employment, or a car loan, all of which increasingly require good credit scores,” explained Kate Brewster, CEO of the Jonnycake Center. “This program will have a direct impact on the financial well-being of the participants.”
As part of this program, the Jonnycake Center will secure a small loan through Westerly Community Credit Union for the participant, who will then build credit by paying it back over six or 12 months, the credit union explained.
Coach Available
“Participants will also have access to a volunteer coach who will work with them to review financial educational tools including WCCU’s Financial Education Center,” WCCU said. “The WCCU Financial Education Center offers online financial education and is available on all internet-enabled devices so that members can access the information anytime, anywhere. It offers a robust library of topics that include budgeting, building credit, savings, investing, and more.”
Interactive Modules
The interactive modules are designed to provide members with the tools and personalized knowledge necessary to make informed financial decisions, Westerly Community CU stated.
“WCCU cares about our members, their financial needs and our community” stated Steve White, CEO of Westerly Community Credit Union. “We want to thank the Jonnycake Center of Hope for partnering with us. By offering this program, we can help people in our local community become more knowledgeable about their finances and reestablish their credit.”
The $421-million Westerly Community CU has approximately 21,000 members.