“Financial Literacy and Tech Center”
Shiloh Englewood Federal Credit Union
Location: Chicago, IL
Asset size: $282,000
Field of membership: Church-based
Board President: Winifred French
RE: Financial Education
Chartered in 1963, Shiloh Englewood Federal Credit Union serves a community with a high need for financial education and is dedicated to empowering its members and the broader community with the financial knowledge they need to thrive. Located in a house of worship, the faith-based credit union recognized the challenges members faced, particularly among the underserved areas, and viewed its role as not just a provider of financial services but also as an educational resource.
After the COVID pandemic, the unused library room at the church presented a special opportunity. Although the space was dated and underutilized, the credit union envisioned it as a technology and financial literacy center. The new facility would serve a dual purpose by not only upgrading the church’s infrastructure but also providing the community with a valuable educational resource.
Shiloh Englewood was able to secure a technical assistance grant from the National Credit Union Administration to actualize the vision through a collaboration with the Faith-based Credit Union Alliance of Chicago and the Illinois Credit Union League. The credit union obtained a grant for $125,000 and only $25,000 was frugally spent on the renovations.
Local contractors were engaged to revitalize the space, which included painting, installing new carpet, and furnishing the center with modern office amenities. Enhancements also included upgrading the internet system and acquiring recent technology such as computers and smartphones. The result was a beautifully renovated center that not only serves the financial educational goals of the community, but also revitalized a key area of the church.
With the new center in place, the focus shifted to educational programming. Shiloh Englewood now offers seminars and workshops aimed at improving financial health. Topics cover basic personal finance skills such as balancing checkbooks, making timely loan payments, and effective saving strategies. Initially, the sessions will be conducted by board members and community volunteers, leveraging their expertise to kickstart the credit union’s educational outreach.
To ensure the highest quality of education, all board members and staff are encouraged to become certified financial counselors through the America’s Credit Union’s Financial Counseling Certification Program (FiCEP). This certification will equip them with the requisite knowledge to provide financial advice and education.
Also recognizing the technological gap in the community, Shiloh Englewood is offering basic classes on computer and smartphone device usage. The sessions help members to utilize these essential modern tools thereby empowering them to manage their financial lives online. A significant part of the strategy targets young people who might be tech-savvy but lack financial knowledge. By educating them early, the credit union aims to set them on a path to financial wellness, potentially increasing the institution’s membership and asset portfolio.
Looking beyond the immediate community, Shiloh Englewood plans to collaborate with a nearby church that operates a tech center focused on career services. This partnership will allow the credit union to cross-refer members to the respective centers, enriching both communities with essential services—financial education from the credit union and career support from the nearby church.
Shiloh Englewood Federal Credit Union’s transformation of an old, worn, and unused church library into a vibrant financial literacy center marks a significant step forward in the institution’s mission to serve the community in the spirit of people helping people. Through careful investment, committed education, and strategic partnerships, Shiloh Englewood is building a framework toward a financially informed and empowered community.
The above profile was curated from Shiloh Englewood FCU’s “Financial Literacy and Tech Center”, a submission in the Blueprints for Small Credit Union Success published by America’s Credit Unions – March 2024