Duke University and Latino Community Credit Union (LCCU) are growing their partnership to amplify their joint effort to promote local economic and community development. Last week, Duke made an additional $3.6 million investment in LCCU, increasing its total deposit to $6 million. This deposit will ensure that approximately 88 Durham families have access to affordable mortgages and can become first-time home-buyers.
LCCU is a CDFI-certified credit union with an established history of providing customized, ethical, and low-cost financial products, services, and education throughout the state of North Carolina. LCCU’s consumer and mortgage offerings are tailored to meet immigrant, low-income, and other underserved members’ unique needs as they enter the formal financial sector, move along the credit continuum, and build wealth for themselves and their families. Programs such as LCCU’s Alternative Credit History Program allow members without a credit history to immediately access the loans they need, such as a mortgage.
“We are tremendously pleased by this growing partnership which provides a model of anchor institutional investment and community empowerment. Duke University has long supported our vision of economic opportunity for all and should be applauded for aligning their investments with their values,” said Luis Pastor, LCCU’s CEO.
The increased deposit is part of Duke’s ongoing commitment to leverage its resources as a local anchor institution to build a stronger, more vibrant Durham. Since 2007, Duke has maintained a $2.4 million deposit with LCCU. These funds have circulated in the local economy, creating vital economic opportunities for thousands of LCCU members, as they buy tools to start their businesses, cars to get to work, and their first homes to develop roots in their community and build family assets.
“The Duke-LCCU partnership has grown beyond deposits to multiple collaborations benefiting students, professors, credit union members, and the broader Durham community. We value our relationship with LCCU and the positive impact they have on our local families”, said Phail Wynn, Jr., Duke’s recently retired Vice President for Durham and Regional Affairs.
LCCU has consistently been one of the fastest-growing credit unions in the country, growing to $300 million in assets and 75,000 members in 12 branches throughout the state. Since its founding in 2000, LCCU has financed 55,000 loans for more than half a billion dollars.
