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.
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
