Self-Help Federal Credit Union
Photo credit: Self-Help Federal Credit Union
Supporting Chicago’s Latinx community through fair, accessible financing
Already marginalized from the mainstream economy, many of Chicago’s Latinx immigrants are dealing with the additional financial distress brought on by COVID-19. With the unprecedented losses of jobs, income, and economic security, many are also excluded from present government relief efforts. The Center for Community Self-Help (CCSH) seeks to provide fair, accessible financing and financial education to people and communities underserved by mainstream financial institutions.
Replicating a pilot program previously launched in California, CCSH seeks to finance bonds to release detained immigrants out of ICE detention. Due to job instability, lower incomes, limited credit histories, and lack of documentation, many immigrant families are unable to qualify for conventional loans, often resorting to predatory options that push them further into poverty. As COVID-19 cases continue to escalate throughout ICE detention centers, support for these detained immigrants remains crucial at this time.
Additional support for Chicago’s Latinx community will be made through small loans designed to cover the application and legal expenses involved in the process of renewing DACA status or becoming a U.S. citizen.
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