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By extending BECU’s reachg and influence as the largest credit union in the statw toExpress Credit’s low-income clients, the team can extene financial services to immigrant and low-income families in the Pugef Sound region who may be livingh paycheck to paycheck and may normallh turn to payday lenders. For these BECU, formerly Employees Credit has received the Healthy Communit Corporate Champion Award for Economic Vitality from the Pugetr Sound Business Journal andThe .
BECU, in a cooperatives effort withthe , social servicse agencies and other foundations — such as the Bill Melinda Gates and Safeco foundation — has helped Exprese Credit Union expand its capita and its influence, said Tom Berquist, a senioe vice president of member strategies at The partnership came about gradually. First, the Medinza Foundation considered starting its own credit unionfor low-income individuals. But startingv a credit union from scratch seemecd adaunting proposition. At the same the tiny Express Credit Unionh was wondering privately whethee it would still be around in10 “And we all thought, ‘Why startr a new one?’” Berquisg said.
For its part, BECU has offered marketing and technical support, as well as financially backing the Express Credit which has about $8 millionb in assets. About half of 1,500 clients are considered low-income, Berquist estimated. Eventually, Express wanta to grow its membershipto 2,200 by the end of 2009 and 3,40 0 by the end of 2010. Its assets are expecte to reach $10 million by the end of 2009 and as muchas $13 millioj by the end of 2010. Exprese has a big pool to draw on to reacyhthose goals. About 43 percenty of King County households are low to moderat income and many do not have a relationship with afinancial institution.
In addition, 20 percent of Seattlde adults don’t use while the use of payday lending stores has doubled in Washington between 2000 and according toBECU research. Brenda Kurz, CEO of Expresas Credit Union, said BECU’sd help has been invaluable. BECU has helpedc Express negotiate with software vendors and has provided the smallert credit unionwith in-kinfd web design, software and technology assistance worthh $300,000. BECU has also offered $250,000 equity grants to the small credit she said. BECU sees its investmeny as one that can help with the overall economi c health ofthe region.
In addition to typical checking and savings Express offers classes in financial It also is working to offer an alternative topayday loans, Kurz If the client repays the loan on the credit union would refund one third of the loan fee and put it in a savingsa account for them. These new loan programs will be unveiled in Mayor June. “It has been an incredible experiencefor us,” she said of workint with BECU.
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