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(From the Lewiston Sun Journal) – Maine is facing some difficult economic challenges. Our state continues to be the oldest in the nation, and we’re seeing very little population growth—just over 1% since 1990. Unemployment in Maine has fallen below 3%, and we now have more jobs than qualified candidates to fill them. At the same time, many families are struggling to put meals on the table, and the number of school-aged children who qualify for free or reduced-price breakfasts and lunches is on the rise.
Numerous government programs are aimed at combatting these challenges, but we cannot rely on the government alone. This is where we come in—the owners and managers of businesses throughout the state. Success, after all, is not measured exclusively by the bottom line on the balance sheet. Success also means improving the lives of people who live and work in the community in which a business operates.
Today is International Credit Union Day, so it seems an appropriate time to describe what Maine’s credit unions are doing to address the state’s most critical issues. Earlier this year, Maine’s credit union network launched a strategic initiative designed to improve the financial lives of all Mainers. The plan helps people take control of their finances and own their future. With a focus on three pillars—economy, community, and people—Maine’s credit unions hope its initiative will be a positive catalyst for change. Here are a few examples:
Economy
Maine’s credit unions have been working with the Maine Technical Education Center (MTEC) to get more skilled labor in the workforce through a new loan program. Several Maine credit unions are now offering new Career Advancement Loans to qualified MTEC students. Two of these students have already completed their certificate training program.
In addition, Maine Harvest Federal Credit Union, the only credit union designed exclusively to support Maine farmers and food producers, just opened for business. Maine Harvest will offer affordable business loans and financial services to Maine’s agricultural community.
Community
Governed by the People Helping People philosophy, credit unions commit countless hours through volunteer and community involvement activities and raise hundreds of thousands of dollars to break the cycle of hunger in Maine. Maine’s Credit Unions’ Campaign for Ending Hunger has raised over $8.5 million since its inception in 1990 and is on track to raise hundreds of thousands of dollars this year. While these efforts might not be new initiatives for Maine’s credit union movement, the campaign has inspired our network to work even harder.
People
Maine’s credit unions also are deeply committed to teaching financial health. By helping people at any age and from any nationality understand how they can manage their finances and access sound financial services, credit unions are creating a more inclusive economy where everyone has an opportunity to succeed.
In addition, Maine’s credit unions are working to protect our elder population from financial exploitation. Through training, awareness, and legislative advocacy, we are bringing attention to this frightening epidemic which is the fastest growing form of abuse of seniors. One in nine Americans over the age of 60 has experienced some form of financial abuse—a trend that shows no sign of stopping.
Maine’s credit unions hope other businesses will be inspired by our efforts to improve the lives of Mainers throughout the state. By working in partnership, we can tackle the state’s most pressing economic issues and help ensure Maine remains a great place to live and work for generations to come.