Lori Trahan delivers $150M to Workers Credit Union

By: Scott Shurtleff

LOWELL — U.S. Rep. Lori Trahan joined Workers Credit Union President & CEO Doug Petersen and Assistant Vice President Doug Reedy Wednesday to announce $150 million in federal funding for the credit union.

The funding is allocated through the U.S. Treasury’s Emergency Capital Investment Program and will allow WCU to increase loans to low- and moderate-income people and traditionally underserved and minority-owned small businesses.

“With this federal funding, Workers Credit Union can expand their effective and individualized efforts that have a proven track record of supporting families and small businesses in need of help,” said Trahan.

The WCU at 1201 Bridge St. is the newest and largest of the company’s 17 branches across Massachusetts. The six employees here and the 350 companywide are not so much bankers as they are financial coaches that help low- to moderate-income members achieve financial success.

Workers Credit Union invests in relationships because, according to Reedy, “these are people in our community and it feels good to help our neighbors.”

That tenet is the foundation of WCU’s growing success. Every member gets personalized assistance, using simple strategies and methods, to help with challenges such as bad credit, business startups, mortgage procurement and auto loans. By improving the financial stability of the individuals, the community at large benefits.

“The programs supported with this funding will strengthen our local economy and build on the progress we’ve made combating economic inequality. Small businesses and the workers who drive them are the backbone of the Third District,” said Trahan. “And this federal investment is for them. This is the exact type of project I envisioned when voting to create and fund this program last year.”

The arrangement of the interior is reflective of the connection that employees have with their 120,000 members statewide. From the hologram at the greeting kiosk that welcomes each visitor, to the live assistant on the screen at the ATM, to the digital display screens that members interact with upon arrival, to the restaurant-style table setup inside the private meeting booths, this is no ordinary bank.

It is that extraordinary approach that helped WCU become one the largest credit unions in the state, now boasting $2.4 billion in assets.

“We were uniquely positioned,” said Petersen. “The goal is turn that $150 million into three, four or five-hundred million by leveraging it in loans.”

The federal funding announced Wednesday will allow WCU to offer financial services to those hit hardest by the COVID-19 pandemic, providing access to essential resources in order to stay afloat.

WCU also offers such community services as its “Workers Way” program, which provides personalized financial coaching at no additional cost. Certified financial coaches meet with members one-on-one to assist those with little or no prior financial management experience. Reedy has himself led more than 150 such appointments.

“We are excited to receive these funds. This program will allow WCU to finance even more loans to both low-to-moderate income individuals and small businesses,” said Petersen.

“Seventy percent of the loans we provide are to people and businesses in need, which is why we were chosen for this program,” he said. “It’s the perfect foundation for WCU’s commitment to improving the daily lives of our members through financial wellness and enhancing the economic health of the communities where they live.”