GoWest Foundation Creates Meaningful Opportunities Throughout the Region in 2024

Posted by Alyse Knudsen on December 18, 2024

The GoWest Foundation is dedicated to empowering and supporting credit unions and communities across GoWest’s six-state region to ensure communities have the tools and resources they need to thrive. In 2024, the foundation advanced its key initiatives that address critical needs in underserved areas: workforce housing, rural access to financial services, and small business support. 

Foundation offerings include resources, planning and project implementation, grant funding, and strategic support to help credit unions strengthen their services and impact within their communities while fostering collaboration, providing technical assistance, and cultivating innovative solutions to drive positive change.  

The GoWest Foundation team (L-R): Sharee Adkins, Meredith Hallinan, Nayab Abbasi, Adelle Pomeroy, Sarae Bay

Annual investments by the foundation as well as its role as a collaborative partner continue to create meaningful opportunities for individuals, families, and businesses in underserved communities. While the foundation awarded more than $500,000 in grants and deployed more than $10.5 million for shared-secured loans in 2024, it also pushed for creative industry solutions that brought immeasurable value to communities throughout the region.

2024 Highlights 

Small Business Success

GoWest Foundation partnered with Washington State credit unions to deploy $10.4 million in Small Business Resiliency Loans (SBRL), supporting more than 640 small businesses. This funding provided critical financial support to help businesses recover, adapt, and thrive during challenging economic times.  

With this unique program, when an SBRL is originated, grant funds equal to the total of the loan plus anticipated interest are deposited into a savings account under the borrower’s name. The loans carry a fixed rate of 4% and must have a final maturity date of Dec. 31, 2026. Because the primary objective is to help small businesses and entrepreneurs establish and improve credit, access to those grant funds is restricted until the loan is paid off over the course of at least 12 months. 

“It’s a very unique collaboration between nonprofits, small businesses, Canopy, and the GoWest Foundation,” says Charlotte Nemec, President and CEO, Canopy Credit Union. “We’ve had many small business owners that since this whole thing has started, have said, ‘Without this loan, we would have been forced to close our doors.’” 

Read more about the program here:  https://www.spokanejournal.com/articles/16496-small-business-loan-program-creates-grant-access

Workforce Housing

Tucson Welcome Home Program
In Tucson, Ariz., a $200,000 grant empowered local credit unions to launch a 100% financed mortgage product, expanding first-time homeownership opportunities in underserved communities. Six Tucson-based credit unions – Pima Federal Credit Union, Tucson Federal Credit Union, Vantage West Credit Union, Hughes Federal Credit Union, Pyramid Federal Credit Union, and Tucson Old Pueblo Credit Union – collaborated to design and implement this program that supports individuals and families in Pima County looking to transition from renting to owning their own homes. 

“Affordable housing is a significant challenge in Tucson, with rental costs soaring by 30%. Many renters dream of homeownership but face obstacles in saving for a down payment,” said Sandra Sagehorn-Elliott, CEO, Vantage West Credit Union. “This program offers a game-changing opportunity for families to establish roots and build generational wealth.” 

Learn more about the program here: https://gowestfoundation.org/tucson-welcome-home-credit-union-program/

Workforce Housing Land Acquisition Fund
A $20,000 grant to Mid Oregon Credit Union supported the planning of a Workforce Housing Land Acquisition Fund in Bend, Ore. To help with the housing crisis, Mid Oregon partnered with the Bend Chamber’s Workforce Initiative which launched a new low-interest, short-term loan to help local nonprofits build affordable homes for essential workers such as teachers and healthcare professionals, helping them to afford housing closer to their workplaces and easing their financial burdens. The Fund will be managed by Mid Oregon and will be used as an 18–24-month revolving loan at 3% interest. 

“Mid Oregon Credit Union has been deeply embedded in Central Oregon since 1957, serving nearly one in four households in the region. One of our key successes is our community responsibility – believing that healthy communities are built on the foundation of attainable home ownership,” shared Kevin Cole, CEO, Mid Oregon Credit Union. “By ensuring that our neighbors can afford to own their homes, we strengthen not only their lives but the very fabric of our community.” 

“We are excited to see this initiative come to life,” Cole said. “We take pride in being part of this collaborative effort to create attainable home ownership for more people who want Bend to be a place where they can work, play, and build their futures.

Rural Access to Financial Services

A $45,000 grant from the GoWest Foundation will support Clarity Credit Union in launching and operating a mobile branch, named “Mobi,” to serve underserved rural communities in Southwest Idaho. This initiative aims to provide reliable and affordable financial services in areas impacted by bank closures, higher poverty rates, and limited access to resources. The mobile branch will rotate among communities, offering the same services as permanent locations while exploring the feasibility of establishing permanent branches in the future. 

Financial Education

Through 151 in-person Bite of Reality financial fairs – 23 of them conducted in rural communities – 14,179 high school and college students across the region gained valuable financial literacy skills. These interactive sessions equip young people with the knowledge they need to make informed financial decisions. Hosting credit unions share their perspectives on the program’s life-changing impact for students. 

“We hear appreciation from teachers for taking on some of this financial education for them because they don’t have a lot of resources,” shared Amy Rovig, Marketing Director, Clarity Credit Union. “The program has taken some of the burden off of the teachers, and they’re very thankful for that.”  

“My favorite part of the program is being able to interact with the students and young adults and to be able to help them set themselves up for success in the future,” said CheRanda Brogan, Branch Manager, Idaho Central Credit Union. 

For more information about Bite of Reality financial fairs, or to request a kit, click here: https://gowestfoundation.org/financial-reality-fairs/

Empowering Credit Unions to Drive Change

Credit unions across our region are making a tremendous difference – supporting small businesses, expanding access to housing, and providing financial services in underserved communities. These inspiring initiatives are transforming lives, and the foundation is here to help amplify that impact. 

If your credit union wants to collaboratively tackle challenges around workforce housing, small business support, or rural access to financial services in your community, reach out to the GoWest Foundation at [email protected]. 

Posted in Community Impact, GoWest Foundation, Public Awareness, Top Headlines.