Affinity Plus and Build Wealth Minnesota Join Forces to Boost Credit and Savings in Underserved Communities
Partnership strengthens organizations’ commitment to empowering local communities through financial education and resources
ST. PAUL Minn. (May 24, 2024) – Affinity Plus Federal Credit Union (Affinity Plus) and Build Wealth Minnesota (BWMN) today announced the beginning of a pilot program designed to empower families in underserved communities to repair their credit and build savings. Launching with a planned cohort of ten people currently enrolled in BWMN’s Family Stabilization Plan (FSP), the 12-month initiative aims to help BWMN clients achieve short-term financial goals while adopting long-term habits for lasting success, all in an effort to better prepare them for the pursuit of homeownership.
Each cohort member will sign up for a small credit building loan from Affinity Plus. Members will meet regularly with a financial coach from BWMN and attend financial education workshops over the course of the year. If all loan payments are made on time, BWMN will award members a savings contribution funded by the Affinity Plus Foundation to match the loan value at the end of the program.
The program is designed to help underserved or underbanked families ease into the banking system with a more approachable structure. Members are encouraged to make small, regular payments instead of fewer large ones to build their credit scores, showing reliability as borrowers and enhancing creditworthiness over time.
“Everyone should have the resources they need to thrive financially,” said Adam Layne, community engagement and business development manager at Affinity Plus. “Our goal is always to make banking more accessible to the communities that need it the most. Combining efforts with Build Wealth Minnesota and offering resources tailored to help families overcome the disparities in their community really shows that goal in action.”
This is the first of two planned cohorts for the year, both of which will consist of 10 FSP members. At the end of the program, cohort members will be encouraged to continue their Affinity Plus membership and utilize the credit union’s member-centric programs to continue their financial wellness journey. Learnings from the initial cohorts will help inform additional opportunities to improve support for underserved families through banking products and services.
“There are a lot of tools needed to support our mission of interrupting generational poverty, and by providing this loan and match, Affinity Plus is playing a crucial role in our program,” said Jeffery Robinson, senior program director at BWMN. “We hope this can be an approachable way for families in this program to enter the banking system and access tools for enduring financial growth.”
For more information about Affinity Plus, please visit affinityplus.org. For more information about Build Wealth Minnesota, please visit bwealthe.org.
About Affinity Plus Credit Union
Based in St. Paul, Minn., Affinity Plus Federal Credit Union is a not-for-profit, financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees, and unique, member-centric products and programs. Established in 1930, Affinity Plus has 31 branches located throughout Minnesota and is owned by more than 265,000 members. Affinity Plus has more than $4.25 billion in assets. Additional information is available at www.affinityplus.org or by calling (800) 322-7228.
About Build Wealth MN
Founded in 2004, Build Wealth MN, Inc. is a 501(c)(3) nonprofit organization with twenty years of experience helping people embrace new approaches to giving, saving, banking, investing, home ownership, and creating generational wealth. Build Wealth partners with local communities and businesses to provide underserved families with supportive financial programs and services to build social and economic wealth. Since its inception, BWMN has served over 5000 clients, helping people reach their goals of financial stability and homeownership.
Programs include the Family Stabilization Plan, Youth Stabilization Program, Rent Smart-Wise and Ready, PEEP: Pathways to increase Employment and Earnings Potential, Mortgage Loans and Down Payment Assistance, and Housing Development. Most recently, Build Wealth announced its 9000 Equities initiative to close the Minnesota homeownership gap by helping 9000 Black families own a home.
Based in St. Paul, Minn., Affinity Plus Federal Credit Union is a not-for-profit, financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees, and unique, member-centric products and programs. Established in 1930, Affinity Plus has 30 branches located throughout Minnesota and is owned by more than 250,000 members. Affinity Plus has more than $4 billion in assets. Additional information is available at www.affinityplus.org or by calling (800) 322-7228.
