Self-Help Federal Credit Union

At a Glance

National Office: 
1330 Broadway Suite 604
Oakland, CA 94612
Phone: 800.273.6428

Martin Eakes
People Served: 
80,000
Year Founded: 
2008
Tax ID: 
26-3016612

Focus area(s):

Asset Development
Housing & Homelessness
Economic Development

Description

Self-Help is one of the largest non-profit community development financial institutions in the nation, providing responsible lending and financial services with the aim of building wealth and opportunity for those left out of the financial mainstream. We work to demonstrate that a responsible institution can thrive while focusing on communities that have difficulty accessing the conventional financial sector.This profile focuses on Self-Help’s Federal Credit Union, launched in 2008, which has grown rapidly to serve 80,000 members through 22 branches across California, in greater Chicago, and Florida.

Impact and Outcomes

Since its 2008 founding, Self-Help Federal has expanded to serve over 80,000 members from 22 branches in California, Florida and Illinois.
Approximately 90% of Self-Help Federal's lending reaches low-income people and people of color.
From 2008 through 2015 nearly 21,200 families were provided with responsible auto, personal, and home mortgage loans

Mission & Goals

Our mission is to create and protect ownership and economic opportunity for all.We do this by providing responsible financial services, lending to small businesses and nonprofits, developing real estate and promoting fair financial practices. While our work benefits communities of all kinds, our focus is on those who may be underserved by conventional lenders, including people of color, women, rural residents and low-wealth families and communities.

Program

WHAT WE DO

We provide responsible and affordable financial services.

  • Full-service credit union serving nearly 80,000 members across California, Florida and Illinois
  • Checking and savings accounts and term certificates (CD's) at attractive rates
  • Fair and affordable loans, focusing on helping low- and moderate-income consumers build wealth and prosperity

 

We promote homeownership to help families build financial security.

  • Mortgages with fair terms and reasonable rates
  • Investment in neighborhoods hit hard by foreclosures

 

We lend to businesses and nonprofits, including these:

  • Small businesses that generate jobs and contribute to community wealth
  • Public charter schools, child care centers and faith-based organizations
  • Nonprofits and affordable housing developments
  • Commercial real estate projects that invigorate downtown areas and neighborhoods

 

We promote policy solutions that encourage responsible lending and stop abusive financial practices.

  • Research to quantify the impact of predatory lending on American households
  • Partnerships with allies, industry leaders and policymakers to implement common-sense solutions that protect families and consumers

Impact

Since our founding 8 years ago, Self-Help Federal is already having a substantial and growing impact for the benefit of its target market, with the following results from 2008 through 2015:
 

  • Helped more than 21,200 personal loan borrowers build credit records and avoid predatory payday loans, which are used by many California’s under-banked households
     
  • Provided responsible home loans to more than 1,730 borrowers, worth over $208 million, with 91% of them first-time homebuyers.
     
  • Provided almost 11,000 borrowers an auto loan, helping them avoid predatory auto lending practices, which inflict an estimate 33% of dealer finance borrowers in California
           

Growth Plan

Economic Model Philanthropic Capital Leveraged with Member Deposits

Self-Help Federal’s need for growth funding is not driven by startup or operating costs.  Rather, outside funding is primarily used to build the necessary “statutory capital” required for building additional scale.  Self-Help Federal's regulators require a 12% capital ratio (also called balance sheet net worth) for the credit union to be considered “well capitalized.”  Philanthropic funding is most needed to create the capital necessary to maintain this ratio and create a permanent foundation for sustainability. Put another way, every $1 of philanthropic funding allows Self-Help Federal to assume at least $8 million of merged deposits that can then be lent responsibly to members indefinitely.

 

Your Investment Makes a Difference

The federally-insured deposits accounts you open and invest with Self-Help Federal, help us strengthen community organizations, grow local businesses, provide affordable home loans, build neighborhoods and advocate for fair and responsible financial practices.

 

Institutions can invest in our non-profit affiliate Self-Help Ventures Fund (https://www.self-help.org/who-we-are/self-help-family/self-help-ventures...), which is rated by Aeris (http://www.aerisinsight.com/) an independent credit rating agency specializing assessing non-depository community development financial institutions.

 

Why Invest in Self-Help

We are one of the most experienced and financially strongest impact investment organizations in the country. We offer investors:

  • A variety of socially responsible investment options with market-rate returns.
  • A safe investment in regulated and insured credit unions or in our non-profit that has been vetted by the nation’s largest financial institution
  • Consistently strong financial performance with significant net worth to protect investors
  • Significant community impact through direct financing combined with national policy advocacy

 

Investment Options

Deposit Products

  • Variety of savings and money market accounts
  • Term Certificates (CDs) ranging from 3 months to 5 years
  • Some CDs support special initiatives -- e.g., green lending or women and children
  • Individual Retirement Account Term Certificates (IRA CDs)
  • Federally insured up to $250,000 and $500,000, depending on whether you invest in one or both of our credit unions.

 

Debt and Equity Investments

  • Customized investments based on your interests and needs
  • Supports our real estate development projects, non-profit and commercial lending, and home loan secondary market program
  • Debt offerings of $2 million or more
  • Program related investments and below-market rate loans to support specific programs and initiatives
  • Equity investments that qualify for New Markets, Historic, and Federal Energy tax credits.

Debt and equity investments are not federally-insured.

Location of Sites

National Office: 
1330 Broadway Suite 604
Oakland, CA 94612
Phone: 800.273.6428
List of locations

To make a contribution to a program site:

  1. Click on the "Make a Contribution Now" button and include the name, city and state of the program you would like to support, in the "notes" text box on the organization's donation form, if available.
  2. If a "notes" or "designation" box is not available, write the city and state on your check in the "notes" section or call the national office to designate your contribution to a local program site.

Locations in the following states:

No results found.

Financials

Most Recent Budget

Year Ended:

2012

REVENUE

Corporate Grants: 
$0
Foundation Grants: 
$0
Government Funding: 
$0
Contributions from Individuals: 
$0
Special Events: 
$0
Program Services Fees: 
$0
Membership Dues: 
$0
Other Earned Income: 
$0
Other Revenue: 
$0
Other Revenue (Description): 
Attached 2012 year-end financials give the most complete picture of assets and income.
Total Revenue: 
$0

EXPENSES

Salaries, Related Salaries & Professional Fees: 
$0
Occupancy: 
$0
Travel & Entertainment: 
$0
Office Supplies, Printing, Postage: 
$0
Telephone & Communications: 
$0
Payments to Affiliates: 
$0
Other Expenses: 
$0
Other Expenses (Description): 

Attached 2012 year-end financials give the most complete financial picture. 

Total Expenses: 
$0

NET GAIN/LOSS

Net Gain/Loss: 
$0

Prior Year Actuals

Year Ended:

2011

REVENUE

Corporate Grants: 
$0
Foundation Grants: 
$0
Government Funding: 
$0
Contributions from Individuals: 
$0
Program Services Fees: 
$0
Membership Dues: 
$0
Other Earned Income: 
$0
Other Revenue: 
$0
Other Revenue (Description): 
Attached 2011 year-end financials give the most complete picture of assets and income.
Special Events: 
$0
Total Revenue: 
$0

EXPENSES

Salaries, Related Salaries & Professional Fees: 
$0
Occupancy: 
$0
Travel & Entertainment: 
$0
Office Supplies, Printing, Postage: 
$0
Telephone & Communication: 
$0
Payments to Affiliates: 
$0
Other Expenses: 
$0
Other Expenses (Description): 

Attached 2011 year-end financials provides the most complete financial picture.

Total Expenses: 
$0

NET GAIN/LOSS

Net Gain / Loss: 
$0

Major Funders

Major National Supporters (Note: 2013-2016 Grants to all Self-Help affiliates except CRL; and program related investments of $1 million or more outstanding)

Bank of America

Casey Foundation, Annie E

CDFI Fund, US Department of Treasury
Capital Bank

Capital One Bank
Citibank

City of Greensboro
Deutsche Bank
Duke University

East West Bank
Federal Home Loan Bank of Atlanta

First Carolina Corporate Credit Union
First Citizens Bank
Ford Foundation

Foss & Company
JP Morgan Chase
KIPP ENC Public Schools
MacArthur Foundation, John D. and Catherine T.
MetLife
Northern Trust
Oak Foundation
PNC Bank
Prudential Foundation
SunTrust Bank

The California Endowment
US Bank
US Department of Agriculture
US Department of Education
US Department of Housing and Urban Development
University of North Carolina
Wells FargoBank

 

Regional Supporters of Self-Help Federal

California Community Foundation

Center for Financial Services Innovation (CFSI)

East Bay Community Foundation

Firedoll Foundation
Friedman Family Foundation
Oakland Community Action Partnership
Rose Foundation San Francisco Foundation
Silicon Valley Community Foundation
Silverman Foundation, Marty and Dorothy
Soda Foundation, Y & H
Schwab Bank, Charles
United Way of the Bay Area