{{Short description|Community development institution aiming to drive economic development}} {{Multiple issues| {{More citations needed|date=June 2021}} {{Primary sources|date=June 2021}} }} {{Infobox company | name = Self-Help Credit Union | logo = Self-Help CU logo.png | type = CDFI | founded = 1980 | hq_location = Durham, North Carolina | origins = | key_people = Martin Eakes (CEO) | area_served = | industry = | products = Financial services<br>Microfinance | assets = | revenue = | operating_income = | net_income = | num_branches = | num_employees = 650+ | parent = | subsidiaries = | website = [http://www.self-help.org self-help.org] | footnotes = }}
'''Self-Help''' is a national community development financial institution headquartered in Durham, North Carolina. Between the years of 1980-2017, Self-Help reportedly provided over $7 billion in financing to 146,000 families, individuals and businesses. The organization seeks to support economic development and community stability by offering financial services and loans to individuals, small businesses, and nonprofits. Its activities also include real estate development and the promotion of fair financial practices nationwide. It also aims to develop real estate and promote fair financial practices across the nation. Through its credit union network, Self-Help serves 150,000 members in North Carolina, California, Illinois, South Carolina, Virginia, Wisconsin and Florida.<ref>{{Cite web|url=http://www.self-help.org/ar/2017/|title=2017 Annual Report}}</ref>
== History == In 1985, Self-Help began making home loans to North Carolina families unable to secure conventional mortgages. Looking to expand its community development impact, Self-Help worked with Fannie Mae to create more home-buying opportunities for underserved borrowers in the late 1980s. Later, Self-Help partnered with Fannie Mae and the Ford Foundation in 1998 to create the Community Advantage Program which provides credit enhancement to conventional lenders. The Community Advantage Program reportedly awarded over $2 billion in affordable home mortgage loans to minority and low-wealth homebuyers nationwide over a five-year period.<ref>Fast Company. "[http://www.fastcompany.com/magazine/78/social_cfcsh.html Social Capitalists: Center for Community Self-Help]", December 19, 2007. Retrieved July 15, 2009.</ref> After analyzing the data from this program, Self-Help determined that low-income borrowers are good credit risks when they are offered responsible loans at fair rates.<ref>{{Cite web|url = http://www.frbsf.org/community-development/files/ci_vol26no2-Continuing-Importance-of-Homeownership.pdf|title = The Continuing Importance of Homeownership: Evidence from the Community Advantage Program|date = Summer–Fall 2014|accessdate = November 9, 2015|website = UNC Center for Community Capital|publisher = |last = |first = }}</ref>
In the late 1990s, homeowners began coming to Self-Help Credit Union seeking help to avoid foreclosure after unscrupulous subprime lenders had siphoned off their home equity. In response to predatory loans, Self-Help worked with a state coalition in 1999 to help pass the North Carolina Predatory Lending Law, the first such law in the country.<ref>{{Cite web|url = http://www.responsiblelending.org/north-carolina/nc-mortgage/policy-legislation/north-carolina-s-predatory-mortgage-lending-law-main-page.html?referrer=https://www.google.com/?referrer=http://www.responsiblelending.org/north-carolina/nc-mortgage/policy-legislation/north-carolina-s-predatory-mortgage-lending-law-main-page.html|title = North Carolina Coalition for Responsible Lending|date = |accessdate = November 9, 2015|website = Center for Responsible Lending|publisher = |last = |first = }}{{Dead link|date=June 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In 2002, Self-Help established the Center for Responsible Lending (CRL)<ref>{{Cite web|title = Center for Responsible Lending|url = http://www.responsiblelending.org/?referrer=https://www.google.com/?referrer=http://www.responsiblelending.org/|website = www.responsiblelending.org|accessdate = 2015-11-09}}</ref> to build on initial successes and expand our focus nationally, and to tackle practices such as payday lending in addition to mortgage lending. Since 2002, CRL has worked with community advocates, policymakers and industry groups to fight against outrageous lending abuses that strip billions of dollars from American families.<ref>{{Cite web|url = http://www.responsiblelending.org/about-us/?referrer=http://www.responsiblelending.org/?referrer=https://www.google.com/?referrer=http://www.responsiblelending.org/?referrer=http://www.responsiblelending.org/about-us/|title = About CRL|date = |accessdate = November 9, 2015|website = Center for Responsible Lending|publisher = |last = |first = }}</ref>
=== Expansion === In recent years, Self-Help's credit union network has expanded.<ref>{{Cite web |title=Our Story {{!}} NC Credit Union History {{!}} Self-Help Credit Union |url=https://www.self-help.org/who-we-are/about-us/our-story |accessdate=2015-11-09 |website=www.self-help.org}}</ref>
== Structure == "Self-Help is a family of five nonprofit organizations":<ref>{{cite web |title=Our Structure |url=https://www.self-help.org/who-we-are/about-us/our-structure |website=www.self-help.org |archive-url=https://web.archive.org/web/20250214142459/https://www.self-help.org/who-we-are/about-us/our-structure |archive-date=14 February 2025 |language=en}}</ref> * {{ProPublicaNonprofitExplorer|561271685|Center For Community Self Help}} a 501(c)(3) * {{ProPublicaNonprofitExplorer|561382971|Self-Help Credit Union}} a 501(c)(14) * Self-Help Federal Credit Union * {{ProPublicaNonprofitExplorer|581562750|Self-Help Ventures Fund}} a 501(c)(3) * {{ProPublicaNonprofitExplorer|743043913|Center for Responsible Lending}} a 501(c)(3)
==Awards== Over the years Self-Help has received numerous awards for its work from organizations such as Preservation North Carolina,<ref>Preservation North Carolina "[http://www.presnc.org/Preservation-NC-Awards/2007-Honor-Award-Winners 2007 Honor Award Winners] {{Webarchive|url=https://web.archive.org/web/20110716201735/http://www.presnc.org/Preservation-NC-Awards/2007-Honor-Award-Winners |date=2011-07-16 }}". October 2007. Retrieved July 15, 2009.</ref> the North Carolina Department of Commerce, and the Triangle Commercial Real Estate Women.<ref>"[http://www.self-help.org/about-us/news-publications-1 Self-Help receives award for Innovative Financing]". Retrieved on July 15, 2009</ref>
In 2007, Self-Help was named one of the twelve high-impact nonprofits in the book ''Forces For Good'' along with other organizations such as America's Second Harvest, Habitat for Humanity, The Heritage Foundation, and Teach for America.<ref>Crutchfield, Leslie. [http://www.forcesforgood.net/12_organizations.html Forces for Good: The Six Practices of High-Impact Nonprofits ]. San Francisco: Jossey-Boss, 2007.</ref>
In 2009, Self-Help received the Dora Maxwell Social Responsibility Award, which recognizes credit unions for their community service efforts.<ref>North Carolina Credit Union League. "[http://www.ncleague.org/www/NCNews_Detail.asp?id=2407&lid=6 Self-Help Credit Union Wins Dora Maxwell Award]". 2009-6-15. Retrieved on July 15, 2009.</ref> That same year, AARP honored Martin Eakes, co-founder and CEO of Self-Help, with an Inspire Award for his contributions to social improvement. Other recipients included Glenn Close, Quincy Jones, and Alma Powell.<ref>AARP. "[http://www.aarpmagazine.org/people/inspire_awards_2009_eakes.html Inspire Award 2009 Honorees]". February 2009. Retrieved on July 15, 2009</ref>
In 2011, the Ford Foundation named Eakes one of twelve Social Change Visionaries in celebration of its 75th anniversary. Each honoree received a $100,000 award. The foundation described Eakes as a national leader in combating predatory financial practices affecting low-income communities.<ref>{{Cite web |title=[node:Title] |url=http://www.csrwire.com/press_releases/32153-Twelve-Social-Change-Visionaries-Are-Honored-by-the-Ford-Foundation}}</ref>
== Controversies == In 2024, Self-Help Ventures Fund, an affiliate of Self-Help Credit Union, was named one of three primary partners in the Climate United Fund, which received a $6.97 billion grant from the U.S. Environmental Protection Agency under the National Clean Investment Fund program. The award faced criticism from EPA Administrator Lee Zeldin, who described the selection process as rushed and lacking transparency. Following the grant, a Freedom of Information Act request was filed concerning communications between the CDFI Fund and Self-Help affiliates, after it was revealed that a senior CDFI Fund official had previously worked for Self-Help Ventures Fund. Republican lawmakers also raised concerns about potential ethical conflicts and favoritism in the grant’s administration.<ref>{{Cite web |last= |first= |date=2025-02-17 |title='Tossing gold bars off the Titanic': Durham credit union founder part of group spotlighted by EPA head over $7 billion climate change 'scheme' |url=https://durhamreporter.com/stories/669811376-tossing-gold-bars-off-the-titanic-durham-credit-union-founder-part-of-group-spotlighted-by-epa-head-over-7-billion-climate-change-scheme |access-date=2025-07-09 |website=Durham Reporter |language=en}}</ref>
==Notes== {{Reflist|2}}
==External links== *[http://www.self-help.org Self Help] *[http://www.responsiblelending.org/ Center for Responsible Lending]
Category:Organizations based in North Carolina Category:Microfinance organizations Category:Credit unions based in North Carolina