Wisconsin Credit Union Honored for Social Responsibility, Payday Advance Alternatives
Earlier this week, Prospera Credit Union received the Northeast Wisconsin Chapter Association of Fundraising Professionals’ first Corporate Social Responsibility Award for helping hundreds of people invest in healthier financial futures.
The Appleton Post-Crescent reported that during a luncheon Tuesday recognizing local charitable giving in honor of National Philanthropy Day, which is today, the chapter lauded the Appleton-based credit union’s GoodMoney program.
The program, a joint initiative with Goodwill Industries of North Central Wisconsin Inc., is a nonprofit alternative to online payday loan lending and a gateway to financial education and counseling.
“It’s been nationally recognized and we thought it was natural to recognize that leadership in the Valley,” said Doris Pride, Philanthropy Day chairwoman.
Prospera was one of eight businesses and family groups the chapter commended Tuesday based on nominations from chapter members and the public. Its efforts to teach individuals about various kinds of savings account payday loans were lauded.
Among other honorees were Green Bay Packers quarterback Brett Favre, who founded The Brett Favre Fourward Foundation for disadvantaged youth, and his wife, Deanna, whose Deanna Favre Hope Foundation has raised more than $1 million toward breast cancer prevention efforts.
Ken Eiden, Prospera’s chief executive officer, said the GoodMoney program, which began in June 2005, now serves between 400 and 500 members that would otherwise have relied on cash loans online.
“Folks, when they come in, are in a desperate state and often have two or three payday lenders they’ve been working with,” Eiden said. “One of the things we’ve observed we can do is help them consolidate those loans and help them have a plan to get out of debt.”
In May, the program expanded from its one site at the Darboy area Goodwill retail store to include the credit union’s five branches in Appleton, Darboy, Neenah and Menasha.
“We have much more to do, but we have begun what we believe is impacting and changing lives for the better,” Eiden said. “Our goal is to solve the immediate needs people may have, and then after establishing a rapport with them, take them forward to realizing their visions and their dreams.”
It’s rare these dreams actually involve faxless payday advance use.