Public/private project – Less than $10 million St. Louis Community Credit Union is working to reach the unbanked and underbanked population in the city of St.
Louis with its new $1.9 million Wealth Accumulation Center in South City. SLCCU opened the new facility, located at 2828 Gravois Ave., in May.
The multi-use center includes a SLCCU branch, an Excel Center that offers free financial coaching and classes and a RedDough Money Center that provides an affordable payday loan alternative. SLCCU is a Community Development Financial Institution serving predominately low-income consumers living in the region’s most distressed neighborhoods.
The credit union identified the site at the corner of Gravois and Oregon avenues in South City as part of an effort to offer mainstream services and financial education all across the city, including underserved areas. With the opening of the Wealth Accumulation Center, SLCCU now has facilities available within two miles of any location in the city of St.
Louis. “We’ve found that when people lack resources – whether financial or otherwise – they lack options,” Patrick Adams, CEO of SLCCU, said in a statement, adding that as a result, low-income residents can fall victim to high-cost predatory lenders. “The WAC is an innovative solution to that problem.” Read more from bizjournals.com…
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