by the El Reportero”s staff
Salvador Durán
The only ever credit union in the Mission District that serves the district’s residents, will be at another location starting Feb. 19, in the District of Bermal Heights, when it moves from their third-floor office at the old brick, Redstone Building on 16th Street and Capp streets.
Formerly Mission Area Federal Credit Union, and now re-baptized SF Mission Credit Union, it was founded in 1971 out of a founder’s suitcase, without any marketing and no visible storefront, was able to spread the word through word of mouth.
Since its inception, the SF Mission Credit Union has helped its current 2,500 members stabilize their financial conditions through loans and banking access, especially to those who haven’t been so lucky with other banks , and those who have never had or were able to open an account.
Among one of its most altruist endeavor has been the creation of leadership and saving programs for children through the Youth Credit Union Program, which was the first of its kind credit union in California, to be run by youth.
The move of location will give a more visible and competitive position to the credit union, and will be able to realize its goal of recruiting more than 500 new youth and adult members by the end of 2008, according its director, Salvador Durán.
“This new office makes us more visible to the community so we can reach more people and help them with their financial situations. That is our mission—to help people,” says Durán, who is also serves as the CEO.
Over the years, one of its achievements has been to offer an alternative to those financial outlets such as payday lenders and the international money wiring in the neighborhood corridor, which according to Durán, have stripped residents of much of their money. They have “strip money away from our hard-working residents through high fees that are often predatory and not fully disclosed.”
Says Margaret Libby, Director of Mission SF Community Financial Center, with the SF Mission: “The average payday loan borrower pays back $793 for a $325 loan, which amounts to over $2 million paid annually in fees in the Mission District – for payday loans alone.”
Accroding to the statement, from their new location, located across the street from Bank of America at Mission and Valencia streets, Mission SF is launching the Tierra Firme initiative, an array of products and services—small loans and credit counseling to repair credit or build credit, small emergency loans to get people out of payday loan debt or to avoid it in the first place, affordable check cashing, international money wiring and specialized saving accounts—to move people onto solid ground, with dignity and respect. The initiative includes an awareness-raising campaign and youth employment and leadership opportunities to ensure they are financially equipped and college-ready.
The new storefront office will be located at 3269 Mission Street. For more information.
