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  • Santa Cruz Community Credit Union Sets Aggressive Goals to Help Hispanic Entrepreneurs

    Posted by on April 3, 2018

    Continuing our series of blog posts providing updates on 2017 Warren Morrow Hispanic Growth Fund Grant recipients, today we’re following up with Santa Cruz Community Credit Union (SCCCU) in Santa Cruz, California.

    The credit union set out to achieve some aggressive goals with its $1,500 grant and has made significant progress on each of them. Several of the cooperative’s goals revolve around helping Hispanic entrepreneurs and small-business owners. They include:

    •  Providing specialized training for Hispanic entrepreneurs

    •  Continuing to develop strong community, non-profit alliances countywide

    •  Providing useful, everyday financial education and training in Spanish

    •  Launching Spanish-language mobile banking

    •  Encouraging use of eMoneyPool, a digital “tanda” solution

     

    Current Progress

    SCCCU has invested in three new Spanish-language financial workshops: 1) Access to Money with Credit, 2) Basic Steps to Managing Your Money and 3) Organizing Your Financial Records. The credit union has also purchased Spanish activity guides to help children learn the basics of saving and spending, in addition to a Spanish-language seminar for small-business owners.

    “Entrepreneurship is a common source of livelihood in Santa Cruz County,” said SCCCU President/CEO Beth Carr. “Our seminars will address financial aspects of starting and running a small business, including bookkeeping, paying taxes and understanding legal structures.”

    The credit union has also made significant progress on its Spanish-language mobile banking website. “One of the chief strengths of our Spanish marketing initiative is that we will be the first and only financial institution in the greater Santa Cruz County market to offer Spanish-language mobile banking,” Carr said. “We believe the value of the product to our migrant farmworker population will help expand their financial capability and build a trusted relationship with our credit union.”

    Future Plans

    The cooperative is making plans to offer hands-on, individual training at a new in-branch Tech Bar. The training will be provided by SCCCU’s bilingual staff members, as well as interns through a pilot program currently underway with a local charter school.

    Supporting local small business owners will remain a key focus for SCCCU. The credit union will continue to provide tools, guidance and support through workshops and partnerships with local non-profits.

    As with any initiative, an important step in SCCCU’s Hispanic outreach program is measuring its impact: “We will measure our success by workshop attendance, number of new accounts opened, increases in adoption of mobile banking and ancillary products such as checking, bill pay, remote deposit capture and funds transfer,” Carr said.

    Continue to come back to the Coopera Blog for updates on the other 2017 Warren Morrow Hispanic Growth Fund Grant recipients.

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