ELCA News Blog
June 16, 2006
Thrivent Financial for Lutherans funds Chicago Community Savings Center
by Katherine R. Hinck*, ELCA News Service
Thrivent Financial for Lutherans will provide $2.6 million to fund the Community Savings Center, a collaboration with Bethel New Life and Park National Bank that brings financial education and affordable financial products together to serve Chicago's West Garfield Park neighborhood. Thrivent Financial for Lutherans is a faith-based Fortune 500 financial organization serving nearly 3 million members. Bethel New Life, a faith-based community development corporation, is a ministry of Bethel Lutheran Church, Chicago, a congregation of the Evangelical Lutheran Church in America. Located in Bethel New Life's new $4.5 million Bethel Center, the Community Savings Center celebrated its grand opening May 30 at a ceremony attended by Chicago Mayor Richard M. Daley.
More than 150 customers have already used the financial services of the Community Savings Center. Through its partner, Park National Bank, the center offers savings and free checking accounts, low-cost check cashing, bill-paying services, loans and other traditional banking products. Bethel New Life is offering educational and referral services to center clients, including training in the "$mart $avers" program, financial counseling and computer training.
The $mart $avers individual development account program matches participants savings on a 2-to-1 basis and requires clients to enroll in a financial education course. After completing the course, every dollar the client saves is matched and can be used to purchase a first home, start or expand a small business or finance a post-secondary education. Participation is limited based on household income. The $mart $avers program was launched with a $1 million contribution from Thrivent Financial that was matched by the U.S. Department of Health and Human Services.
*Katherine R. Hinck is a senior journalism and religion major at Augustana College, Sioux Falls, S.D. This summer she is an intern with the ELCA News Service.
For information contact:
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