Community Access to Business Loans Enhanced Through Collaboration of Local Institutions in St. Louis

St. Louis Community Credit Union Partners with Local Institutions to Enhance Access to Business Loans

ST. LOUIS (February 18, 2025) – In a significant initiative aimed at bolstering economic opportunities for underrepresented businesses, the St. Louis Community Credit Union (SLCCU) has unveiled a collaboration with several prominent local organizations, including BJC Health System (BJC), SSM Health, and the James S. McDonnell Foundation (JSMF). This partnership will channel nearly million in low-cost deposits to support businesses in need of affordable financing.

In an economic landscape where access to capital can be critically limited for minority-owned enterprises, particularly those led by Black and Brown individuals, this initiative serves as a catalyst for growth. Kirk D. Mills, President and CEO of SLCCU, emphasized the importance of this funding: “Access to affordable loans, especially for Black- and Brown-owned businesses, can be hard to come by. The significant deposits we’ve received will enable businesses to hire staff and expand their operations. Our mission is straightforward: lend responsibly to maximize community impact.”

SLCCU, recognized as a not-for-profit and Minority Depository Institution (MDI), also holds certification as a Community Development Financial Institution (CDFI). These designations underscore its commitment to providing equitable financial products and services tailored to meet the needs of its 54,000 members across the St. Louis region. By facilitating access to affordable loans for working capital, equipment, and real estate, SLCCU aims to empower local businesses to thrive.

The collaboration aligns with a broader national movement wherein large anchor institutions leverage their financial assets for the benefit of low- and moderate-income communities. Rich Liekweg, CEO of BJC Health System, remarked, “As the largest employer in St. Louis, we aim to tackle the root causes of health inequities within our community. Financial health is directly linked to overall health outcomes, and thus, our investment in this initiative aspires to foster enduring opportunities.”

With a commitment to inclusive growth, Jason Q. Purnell, President of JSMF, articulated that supporting SLCCU enables them to contribute to the financial ecosystem while ensuring a return on their investment. The emphasis is on fostering an environment where all community members can contribute to and benefit from economic prosperity.

According to research conducted by the St. Louis Federal Reserve, wealth disparity remains a pressing issue, with Black families owning approximately 23 cents for every dollar possessed by white families. Mills pointed out that this economic inequality complicates deposit accumulation for MDIs like SLCCU, necessitating innovative strategies to meet loan demand among small businesses.

Laura S. Kaiser, CEO of SSM Health, further addressed the interconnectedness of health and economic opportunity. “Providing quality healthcare is essential, but a holistic approach must also include access to nutritious food, safe housing, transportation, and stable employment,” she stated. This collaboration represents a strategic investment in the overall economic health of the St. Louis community.

Since the launch of its Community Impact Deposit program in 2022, SLCCU has successfully attracted over million in new deposits. This funding has allowed the credit union to issue over million in business loans, with 90% directed towards Black-owned enterprises.

The impact of this initiative is further illustrated through real-life success stories, such as that of Deborah James, co-owner of Freddie Lee’s Gourmet Sauces. Limited access to affordable financing previously constrained their ability to expand operations. After connecting with SLCCU, the couple obtained a loan that enabled them to acquire a new building, thereby facilitating growth and job creation. “This loan transformed our business,” Deborah reflected. “We can breathe easier, pursue our goals, and contribute positively to our community.”

This partnership not only emphasizes the importance of accessible financing but also highlights a comprehensive approach to fostering long-term economic health within the St. Louis region, demonstrating how collaborative, community-focused investments can lead to sustainable growth and opportunity for all residents.