Credit union provides a path to new beginnings

By Charles Christian

More than just a bank, Holy Rosary Credit Union on St. Joseph Avenue is a gateway to a new beginning.

This is especially true for those new to the United States and seeking a financial start. Isaura Garcia, the credit union manager, said many who apply for loans start with almost nothing, so Holy Rosary, located at 1002 N. Fourth St., seeks to empower them.

“Our mission is to help financially educate people in the low to moderate poverty levels,” Garcia said. “We also support them if they are going through a tough time by offering education and loans.”

Garcia said that in addition to providing loans for cars, debt consolidation and a new home, the credit union also helps small businesses get started. Most employees are bilingual, and a majority of customers speak at least two languages. Because of this, Garcia said that in addition to the financial and educational help, the credit union is an important community hub.

Longtime customer Zulima Lugo-Knapp, a native of Venezuela who moved to the United States decades ago and is now a business owner in St. Joseph, is an example of the difference Holy Rosary Credit Union has made. She said a helpful loan at a key time for her family has allowed their businesses to grow while also benefitting the community.

“Because of the help of Holy Rosary, we were able to open a rental property business 10 years ago,” Lugo-Knapp said. “This is a huge need for the community and provides a clean, safe environment for families.”

Lugo-Knapp added that although other banks have been supportive of this business and the insurance agency she oversees, none has been as consistently helpful as Holy Rosary.

“So, when I talk about Holy Rosary, I really, with no exaggeration, talk about our personal bank,” she said.

Because the credit union is a nonprofit, it can provide loans at good rates to some who would be considered too risky for other institutions. Garcia said this includes, but is not limited to, those who are new to the U.S. It is estimated that more than 75% of customers are Latino. However, Garcia is quick to point out that customers are not required to be Catholic or Latino to join and benefit from the services of the credit union.

“We offer free workshops to individuals and businesses,” Garcia said. “There are offered to help people learn to qualify for key loans and to help them build credit in a healthy way so that they don’t drown in debt.”

Though a small building, the St. Joseph branch stays busier than the Kansas City location of the credit union. This is partly because of the manufacturing jobs in St. Joseph and the diverse array of migrant workers at places like Triumph Foods, Garcia said.

Whether it is a person with a green card who is seeking their first banking opportunity in the United States, or a longtime resident of Missouri needing a fresh start, Holy Rosary sees itself as a full-service credit union that not only provides loans but also counsels and educates its customers to help them manage their finances in a healthy way.

“We want people from all walks of life to benefit from the services we offer, so that our community,” Garcia said. “That way, our entire community can grow together, and we are seeing lives change for the better along the way.”

For information on upcoming community seminars, or to inquire about other services at Holy Rosary, visit holyrosarycu.org.