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Investing Locally and Building Community Wealth – A blog by Gabe Treves-Kagan

We are intentional about what we eat and where it comes from. We are thoughtful about where we shop and mindful of the labor that goes into what we consume. 

But what about where we bank and how our money is being put to work? 

We shop and eat local, but how many of us can say that we bank local with a financial institution that aligns with our values?

As a way to live its values and ensure that its reserves are put to work locally and for good, Abundance NC recently opened a savings account with the Latino Community Credit Union.

Why?

LCCU is a different kind of financial institution. A better kind. The kind that works to empower – not profit – from its members. The kind that works to build community wealth, not shareholder value. 

How?

LCCU is a not-for-profit, member-owned, bilingual, multicultural, full-service, state regulated and federally insured credit union. It has a proud history of creating economic opportunity for all by providing access to fair and affordable financial products and comprehensive financial education.

LCCU has members from 134 countries. For many, we are a safe and empowering pathway out of the expensive and predatory cash economy. For others, we are an affordable alternative to the hidden and excessive fees of the big corporate banks. And for others still, we are a way to bank ethically and locally.

For every LCCU member, we are a way to contribute to a collective effort to build a more just and equitable local economy. While corporate banks invest in private prisons and dirty energy, at LCCU members access economic opportunity while their deposits help fund fair and affordable local loans – loans that help our neighbors purchase their first home, buy a car to get to work, or support their small business.

LCCU has 13 branches across the state, including one in Carrboro and two in Durham.


 ABOUT THE AUTHOR

 Gabe Treves-Kagan grew up in Mexico and Argentina before moving to the US with his family when he was ten.  He has spent his life, personal and professional, fighting for a just economy that works for all. He is the Director of Development and Community Impact at the Latino Community Credit Union, where he works a wide range of initiatives to build community wealth and create a pathway to prosperity for traditionally underserved populations.

To learn more about his work, read: Fulfilling the Anchor Mission and Building Community Wealth: Local Credit Unions are Helping Anchor Institutions Leverage their Assets to Build Stronger Communities.

At Abundance we bring people together to cultivate and celebrate community resilience in the Piedmont of North Carolina. Learn more about us and what we do.

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Slow Money NC, an Abundance partner organization, helps people invest in their local foodsheds. Learn more.

“…We have barely disembarked into life…we’ve only just now been born, let’s not fill our mouths with so many uncertain names, with so many sad labels, with so many pompous letters, with so much yours and mine, with so much signing of papers. I intend to confuse things, to unite them, make them new-born intermingle them, undress them, until the light of the world has the unity of the ocean, a generous wholeness, a fragrance alive and crackling.”
― Pablo Neruda

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