HARAHAN, La.–A Shared Initiative, the sister-affiliate of ASI Federal Credit Union, has been awarded $5,500 from the Enterprise Holdings Foundation for the nonprofit’s “Wheels to Work” program. The innovative lending program helps provide financial education and special vehicle purchase options for individuals who may not otherwise have access to affordable transportation.
“For better or for worse, Americans need their vehicles – nationwide, 90% of Americans drive to work,” noted the credit union. “New Orleans is no exception, and in a city with still limited public transportation, not owning a vehicle can pose significant challenges. Unfortunately, 19% of New Orleans households do not have access to a vehicle. Without an automobile, options for employment, groceries, childcare and healthcare become extremely limited and can keep a person stuck in poverty. For an individual who has poor credit, owning a vehicle is almost impossible and/or the financing can be extremely expensive. The options these borrowers face often include purchasing a vehicle with no warranty and high mileage, and taking on financing with incredibly high interest rates.”
Through the “Wheels to Work” program, ASII/ASI helps economically disadvantaged individuals purchase vehicles and get on the road to financial independence. This program not only serves to help low-income residents of our community obtain affordable transportation but also promotes savings behavior, providing financial education and customized counseling to program participants to help improve their credit.