“We are able to take care of business like we’re supposed to. We’re able to see our goals being fulfilled with this building. We’re able to breathe a little easier and not have those high-interest loans hanging over our heads. We were able to believe in the banking system again,” said Deborah James of Freddie Lee’s Gourmet Sauces. Deborah and her husband, Freddie Lee, are the owners of one of St. Louis’ most popular home-grown sauce producers.
Healthcare Anchor Network (HAN) members BJC Health System and SSM Health joined the James S. McDonnell Foundation in providing nearly $15 million in low-cost deposits to enhance the St. Louis Community Credit Union’s Community Impact Deposit program. The funds will be used to assist underrepresented businesses in need of affordable loans for working capital, equipment, real estate, and more.
From the St. Louis Public Radio article:
SSM Health, James S. McDonnell Foundation and BJC HealthCare are part of a national movement of large institutions investing in low- to moderate-income communities through financing programs at credit unions.
From the St. Louis Post-Dispatch article:
It’s not just that $15 million represents a big investment. By making such a public commitment, the healthcare systems and the foundation behind today’s announcement hope to spur more attention to the good work the credit union does—and more deposits.