Model credit union makes history

Serghino René

In what is believed to be one of the first collaborations between faith-based and community organizations, the Tremont Credit Union (TCU) opened its doors on 41 Warren Street in Dudley Square.

“It is the first time churches and community organizations got together to build a community-based credit union in Boston and in the country,” said Bill Moran, TCU’s community affairs advisor.

Their goal is to produce financially self-sufficient adults, youth and families in the community, as well as promote personal wealth and economic development.

“It was a lot of hard work, commitment and dedication,” said Moran, who has been working on the project for the past seven years, “but all for the goal to help our community achieve what it has been lacking — an opportunity for economic development and financial literacy.”

The 10-year project was developed by the Tremont Credit Union and the Boston Community Development Collaborative, a group that includes a host of local institutions — the Financial Investment Initiative Group (FIIG), Christ Temple Church, Codman Square Neighborhood Development Corp., Dorchester Bay Economic Development Corp., Mattapan Community Development Corp., Faith Partnership, Morning Star Baptist Church and the Jubilee Christian Church.

With TCU now open for business, supporters said that the decade-long development was worth the wait.

“To see this idea grow from an embryo to what it is now is unbelievable,” said state Rep. Gloria Fox. “It is so important that we begin to not only build up Dudley for consumers, but build up Dudley so that we can be the investors in this community.”

A yearlong feasibility study was performed and determined that Dudley Square was the best location for TCU. According to market research studies, 58,000 residents live within one mile of Dudley, 8,900 employees working within a half-mile of Dudley and 16,000 commuters travel through the neighborhood daily.

“A lot of people come through Dudley at any given time,” Moran said, “and from a business perspective you have to ask yourself: Where are these people doing their banking? Having this credit union in the Dudley neighborhood is a good thing. We want to get rid of those Rent-a-Centers and check cashing places. Instead, you give us your money and we’ll give you a savings account.”

The credit union is open to all Suffolk County residents. Participating churches are planning to hold workshops and classes to educate citizens on important topics such as stocks, bonds, burial costs, retirement and how to avoid predatory lending companies. Other financial services will include credit counseling, coaching on home improvements, small business technical assistance and business education. Pastors and representatives from the participating churches will serve on TCU’s board of advisers.

Charlotte Golar Richie, director of the city’s Department of Neighborhood Development, said there is an urgency to bring business to the Roxbury area and that the momentum is growing. She said she hopes that the credit union’s arrival will open more doors.

“What makes this unique is that it creates competition for better loan rates, credit lines and more,” said Golar Richie. “You want people who care about the community, know the community and are able to extend financial resource to people who need it most.”