Updated: Jan 7
We are very excited to announce that First Step Alliance will partner with Element Federal Credit Union to make available a new Fresh Start Program to re-entry organizations and their program participants. Our first initiative will be launched in January 2021 with the Mississippi Center for Re-entry, which was recently voted as one of the top non-profits of 2020 by Greatnonprofits.org
We are working with the senior leadership team at Element Federal Credit Union to create this innovative program. The initial objective is to provide re-entry participants with access to basic banking services, including low-cost checking accounts, pre-paid debit cards, secured credit cards, direct deposit and online banking. At a later stage, our goal is to expand the products to auto loans, mortgages and business loans to help people start their own businesses. Financial education will also be an integral part of the program.
Access to basic financial services – like low-cost checking accounts, debit cards and direct deposit – is critical to help people get back on their feet. Payday lenders and check cashing services are unacceptable alternatives.
Re-entry Organizations are Critically Important
We look forward to a successful launch with the Mississippi Center for Re-entry and Element Federal Credit Union, and introducing this program to other re-entry organizations. Through this initiative, we have an opportunity to help many people who do not have access to the financial services they need to create a path to long-term financial health.