UPI Loan Fund Partners with MariSol Federal Credit Union to Help Underserved Communities in Arizona

Since 2020, UPILF and MariSol have helped Low/Moderate-income communities get back on their feet in Arizona.

When we work together, we can move mountains. Whether that means healing a nation, or fixing a community, this sentiment provides the cornerstone of the partnership between the UPI Loan Fund (UPILF) and MariSol Federal Credit Union. The mission? To get much deserved funds into overlooked communities, focusing on people of color, giving residents, families and businesses access to affordable and stable financing. MariSol FCU, a designated CDFI (Community Development Financial Institution) provides federally allocated dollars toward community improvement for low-income areas.

No one should be defined by a simple credit score. Building credit shouldn’t cost you a fortune. Unfortunately, in communities of color, credit has come with a high price tag. Navigating finances is not common knowledge for everyone. Predatory lenders have historically set their sights upon vulnerable communities, charging sometimes 300 percent in high-interest rates and fees, while traditional banks turn a blind eye due to low credit scores. The strong partnership between UPILF and MariSol, however, ensures that people of color will no longer be left off the playing field. In fact, many of applicants begin with credit scores under 600. We look beyond the number and connect with the person who needs financial support.

Starting with small but important loans, the UPI Loan Fund has already helped many low-to-moderate income individuals establish credit via refinancing auto loans at a substantially reduced rate, free checking accounts and UPILF personal loans funneled through MariSol. 

Robin Romano, CEO of MariSol says, “Our members are grateful to be seen and have their needs matter. We have a young lady who was struggling with her payments due to the high 26.63 percent interest on her auto loan. Working with UPILF, MariSol was able to refinance the auto loan and UPILF loaned her $4,000 at nine percent to pay off other debts, all of which resulted in significant savings every month.” 

With the CDFI designation, MariSol and UPI Loan Fund plan to extend that level of commitment to community businesses. Responsible loan activity and credit use help customers build their own portfolio, allowing them to grow personally and professionally.

“Building that kind of financial freedom is part of our education process and our mission to serve the underserved,” said Founder and President of UPI Loan Fund Frank Crump. 

To learn more about the partnership between MariSol and UPI Loan Fund, visit upiloanfund.us.

About MariSol Credit Union:

 MariSol Federal Credit Union (MFCU) is a CDFI and is the only low-income designated credit union in Maricopa County, Arizona. Since 1954, MFCU’s mission statement has been “Empowering our members through financial inclusion by access to affordable and equitable financial solutions.” MFCU offers affordable consumer/mortgage/micro-business loans, transactions and deposit accounts to its membership.

About the UPI Loan Fund

A 501(c) 3 nonprofit organization, UPI Loan Fund is on a mission to support low to moderate income communities in Arizona and provide a helping hand to community members. We look to transform capitalism into humanism and bring a unique approach to providing safer loan alternatives and financial wellness services to underserved communities.

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The Legacy of Redlining Maps Based on Demographics

The Legacy of Redlining Maps Based on Demographics

In 1968, President Lyndon B. Johnson signed the Fair Housing Act into law. This act was intended to end the practice of redlining, a term that dates back to the 1930s. At that time, federal agencies denoted certain neighborhoods as “unfit” for investment by marking them on maps with red ink. Residents of these neighborhoods, who were predominantly racial or religious minorities, were unable to secure loans to buy houses or start small businesses.

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Posted by Frank Crump, 0 comments