At noon today, SUN and the Syracuse Cooperative Federal Credit Union (SCFCU) will sign a Community Reinvestment agreement. The ceremony will take place at the new SCFCU branch office, located inside the Southwest Community Center 401 South Avenue.
The agreement includes initiatives to increase marketing and outreach on the south and near-west sides of Syracuse. The Community Reinvestment agreement will help the SCFCU in their stated goal of doubling the number of loans it makes in SUN’s neighborhoods.
SUN residents are excited about having a lending institution in the neighborhood that is willing to make loans. Many traditional lenders have pulled out of our neighborhoods–refusing to make the kind of loans that enable families to buy a first home or repair their current homes. The vacuum created by the lack of good loans has been filled in our neighborhoods by predatory lenders–modern day loan sharks that take advantage of families with high fee, high interest rate loans.
Claire McGrath, Southside resident andd a member of SUN’s Banking Committee said: “It’s good to have a lender in the neighborhood that is excited about making loans in our neighborhood. They are a valuable resource and we need to take advantage of that by giving them our business.”