Capital Funding Campaign Underway

Greg Brown has served as the President and CEO of SSCFCU which is located at 5401 S. Wentworth Ave. Suite 25, Chicago, IL 60609 for more than 10 years. Photo courtesy of the South Side Community Federal Credit Union
Greg Brown has served as the President and CEO of SSCFCU which is located at 5401 S. Wentworth Ave. Suite 25, Chicago, IL 60609 for more than 10 years. Photo courtesy of the South Side Community Federal Credit Union

Capital Funding Campaign Underway

By Monique Smith

The Greater Auburn Gresham Development Corporation is working in partnership with the South Side Community Federal Credit Union on a community development capital plan called the 50/50 Campaign. On Tuesday, August 30, 2016, people are being asked to come to 535 Winnecona (by 79th and Fielding) from 12:00pm to 5:00pm to open an account and donate to the Community Development Capital Campaign.

Community members are being asked to bring $50 and two pieces of I.D. to open an account and another $50 to be donated to the campaign which will go towards helping to revitalize and rebuild communities.

The National Credit Union Administration (NCUA) manages a database of credit unions and helps consumers understand the difference between traditional banks and credit unions.

Credit unions are similar to traditional banks in the sense that both institutions offer financial products to customers. Credit union members, like bank customers, have access to checking and savings accounts, CDs, loan products, and credit cards.

One main difference is that a credit union is a not-for-profit institution. Since credit unions operate as nonprofits, they can offer higher interest rates on savings accounts and CDs, and lower interest rates on loan products and credit cards.

Another important distinction is that credit unions are member-focused institutions. A credit union is a cooperative, which means it is owned and operated by its members, as opposed to being owned by its stockholders like a bank. An initial membership deposit makes depositors part owners of the credit union and gives them a voice in the credit union’s decisions.

Because of this ownership structure, potential members have to meet membership requirements that vary depending on the credit union’s objective. A credit union for teachers, on the other hand, may accept any teacher who works for a certain school district. A few credit unions have more relaxed requirements and may simply request that members live in a certain city or area.

With the South Side Credit Union, members must live, work or be a part of a south side community based business, church or organization. “We are a federally charted, community owned and operated, not-for-profit financial institution that invests 100% of our deposits in people. We help them to save money, build credit, purchase homes, and grow their businesses,” said Greg Brown, President and CEO of the South Side Community Federal Credit Union. “We have launched a community development capital campaign to strengthen, expand, and accelerate our growth to better meet the financial challenges of the communities we serve. Make an investment in change by making a donation to our community development capital campaign today. We are only as strong as our dollars united,” he said.

Brown also says the SSFCCU’s mission is to economically empower their members which they do through a series of financial literacy workshops and programs.

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