Northeast Community Federal Credit Union (NCFCU) is a community development chartered credit union founded to meet the unmet savings and credit needs of its membership. As a financial cooperative dedicated to serving the underserved, NCGCU is also an agent for community revitalization and development within its field of membership and for the larger community. NCFCU has made over 2,420 loans totaling more than $15 million in credit benefiting hundreds of member households.
- NCFCU is a credit union which provides banking services to those who do not meet the minimum
requirements of conventional banks. Its savings products include savings accounts, certificates of
deposit payroll deductions, dividends and direct deposit. A member can open an account with one
identification document and a minimum of $5.00---doable by the homeless and low income residents of
- Lending products include personal loans, auto loans, home mortgages, home
improvement loans, small business loans, "Fresh Start" loans and "Grace" loans.
- In 1988,
NCFCU initiated a second mortgage program to assist members obtain financing for small businesses
or for furthering the vocational or academic education of their children. In 1997, Northeast began
to initiate first mortgages through the development of a number of mortgage products for first time
homebuyers, property owners in need of refinancing and those in need of home equity
- In 1990, NCFCU developed a cooperative lending venture with the Center for Southeast
Asian Refugee Resettlement. This loan-guarantee program supports the establishment and expansion
of Southeast Asian businesses in the area of printing, import-export and garment manufacturing.
This program alone has provided over $550,000 in financial assistance and supported the
creation/retention of over 167 jobs.
- Northeast Community Federal Credit Union established a
minority business loan program with the support of the Mayor's Office of Community Development in
San Francisco. It also offers budget counseling, a member newsletter and financial counseling to
all of its members and clients.
NCFCU works in the urban communities of San Francisco, Oakland and Daly City, CA. It predominantly serves Asian American households. Of its current borrowers, 60% are Asian, 15% African American, 10% Caucasian, 5% Native American, 5% Latino, and 5% other. About 30% of their clientele are women. Members of NCFCU must meet at least one of three qualifications. They must either live in a defined geographic region, work in the field of membership (i.e. small business, etc) or have ties in the geographic region or field of membership. Northeast serves a field that primarily encompasses Chinatown, the Tenderloin, Visitacion Valley and the South of Market Area neighborhoods.
NCFCU has impacted many people through its various programs and services. Its cooperative lending venture with the Center for Southeast Asian Refugee Resettlement has supported the creation and retention of more than 167 jobs with financial support of over $550,000. More than 200 loans have been provided in the Tenderloin neighborhood, totaling over $4 million in credit. Membership in this region now tops 377, approximately one-quarter of total membership. An important role that the branch plays is in providing an affordable alternative to costly check cashing outlets which dominate the Tenderloin and Visitacion Valley areas. By offering a safe, low-cost place to cash checks, the member has more disposal income to spend in the community.
The Lee family dreamt of owning a home, but they were turned down by many traditional financial institutions and banks. In conjunction with Mayor Brown and Fannie Mae, the Northeast Federal Credit Union was able to present Cindy Lee with a check for her family’s fixed-rate mortgage, which allowed them to purchase their first home. The Lees moved to San Francisco six years ago and operate a fabric store in Chinatown. Full Story