Self-Help Shares

While starting a financial journey is exciting, wondering whether your current credit score will help you or hold you back can be a source of anxiety that makes many people retreat. The truth is often a little different. Read about what really goes into your credit score, and the steps you can take now to gain more control over your financial future. 

The worker-owners of New Bern Bakery, Self-Help’s first backers, outside their storefront in 1981.

Did you know that as a credit union, Self-Help is one of many thousands of cooperative enterprises? There are currently over sixty-four thousand cooperatively owned and operated businesses in the U.S. working to meet a wide range of consumer and community needs, including financial institutions, restaurants and retail stores, manufacturers, and even utilities. Read more about how co-ops work and their potential for supporting strong and thriving local economies.

At Self-Help, we’ve spent the last 42 years striving to be a force for economic and social justice in the communities we serve. Learn how we’re working to reverse the economic disparities that keep Black and Latino families from reaching the same levels of prosperity as others.

We all know that building savings is one of the keys to financial stability, but remembering to put part of each paycheck into a savings account can feel like a chore.  Automatic savings plans are a great way to build strong savings habits without the extra effort. 

Congratulations to North Carolina’s Michael Curry, former Bishop of the NC Episcopal Diocese, who was recently installed as Bishop of the national Episcopal Church. Bishop Curry has been a great friend of Self-Help’s and a strong advocate for our mission.

Earlier this year, Bishop Curry interviewed Thad Moore and Armeer Kenchen of Self-Help. Watch the video to hear this inspiring conversation.

Our fall newsletter officially launches this blog, Self-Help Shares -- ta da! -- and offers lots of news you can use:

• Come to Revolution Mill for the best annual meeting ever.
• Consider switching to a credit card that’s on your side.
• Learn about an innovative business in Morganton.
• Get a holiday loan, skip a loan payment, or possibly both!

 To stay up to date, please visit us here often and subscribe to our newsletter now.

After surviving Hurricane Katrina, Darrell Molett had to start over. Watch this video about a Self-Help Federal Credit Union member who did the hard work of building his credit, step by step. 

When Molly Hemstreet graduated from Duke and returned to her hometown of Morganton, North Carolina, she was distressed to see high unemployment and many in need. Molly knew the big textile companies were gone, but that many skilled workers and other resources remained. Using her background in international development, community activism and education, she developed a vision for a different kind of textile business.

Today Molly is the founder and a worker-owner of Opportunity Threads, a thriving business in Morganton. Unlike the textile giants of days past, Opportunity Threads serves other small businesses to make custom apparel and sewn goods. And in a very different twist, the business is owned and operated by the men and women who work there, the majority of whom are first- or second-generation immigrants from Guatemala. 

Pre-construction view of one of the west Charlotte buildings NCBK is developing.

We’re pleased to announce our recently closed loan to North Carolina developer NCBK Delphen Property Investments. The loan provides construction and permanent financing to renovate 17 units of low-income multifamily housing in west Charlotte, NC.

When finished, the properties will provide much-needed affordable rental housing for 17 Charlotte families and will serve primarily low-income voucher tenants, including providing supportive housing for veterans. Plus, NCBK’s efforts will help strengthen the neighborhood by fixing up dilapidated and boarded-up buildings and putting them back into use.

Self-Help has extensive experience with the Neighborhood Stabilization Program (NSP), and we were able to use NSP funds from the City of Charlotte for this project. By spring 2016 the properties will be fully renovated and ready for residents.

• Loan amount: $510,050
• Use: Renovation of dilapidated property to create low-income multifamily housing.
• Total project cost: $1.3 million 
• Project square footage: 20,119 SF 
• # of housing spaces created or maintained: 21

Interested in a multifamily housing loan with Self-Help?

​Get in touch with us or learn more about our multifamily housing loans.