There is not a bank or credit union in 60% of low-income California neighborhoods. Those residents must rely on check cashers and payday lenders, which charge notoriously high rates compared to the same services at banks. We are proud to announce that we are doing our part to change that statistic, one neighborhood at a time.
The nonprofit Self-Help Federal Credit Union (SHFCU) proposed to build a credit union and community center in the Shackelford neighborhood in South Modesto, with the help of a $500,000 grant from Modesto’s Community Development Block Grants.
“Our community has requested this project, and we are thrilled to partner with Self-Help Federal Credit Union to bring these much-needed services to this neighborhood,” Jessica Narayan, Community Development Manager said.
Shackelford is an economically disadvantaged neighborhood, with 51.4% of the population below the poverty level and over 60% with less than a high school education. The area has no financial institutions within several miles, making it difficult for these individuals to build their wealth.
With the new 6,000-square-foot credit union, individuals will be able to gain in-person financial services and advice, with the opportunity to better build their wealth and financial literacy. This branch office is celebrated on its own, but SHFCU is going the extra mile by also building a community center.
The 2,000-square-foot community center will satisfy the vital need for a local space where up to 120 community members can meet, organize, and learn. Expected to be a thriving hub of activities for youth, families, senior citizens, civic organizations, and more, the community center will feature a kitchen, pantry, restrooms, patio area with a barbeque and misters, and bench seating.
The credit union will be located at 900 Crows Landing Rd, and the community center will be next door at 924 Crows Landing Rd. Site development is expected to begin in the spring of 2021, and the credit union and community center will be open in the spring of 2022.