George J. Charette III is president and CEO of Pawtucket Credit Union. The credit union recently launched a new fund called the Community Investment Fund to help fund organizations serving “vulnerable populations” in the community. Charette talks with Providence Business News about the new fund, its purpose and why the credit union thought it was needed.
PBN: What is the Community Investment Fund?
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CHARETTE: The PCU Community Investment Fund was designed to respond to timely community needs, allowing us to partner with the community on strategic initiatives, while supporting innovative ideas that positively impact the lives of Rhode Islanders. Our hope is to provide financial support so community-based organizations can further their work in building strong communities.
PBN: What was the impetus behind Pawtucket Credit Union creating it?
CHARETTE: We’ve seen a steady increase in community requests focused on housing and economic security. In funding programs that serve vulnerable populations, our goal is to assist these individuals while mitigating the pressure that impacts our local communities. We will accomplish this by funding programs and/or projects that advance opportunities for increased housing affordability, home ownership, homelessness prevention and economic security through financial-literacy education.
PBN: How exactly is it funded?
CHARETTE: The PCU Community Investment Fund is a subset of our existing Community Giving Program, which funds various projects, events and different activities throughout Rhode Island.
PBN: How did you determine this year’s recipients and how will that process work in future years?
CHARETTE: This initial round was a pilot for us and an opportunity to enhance our approach to community giving. Paola Fernandez, our assistant vice president of community outreach, developed the criteria and set the priority areas upon which the fund would focus. We then convened an internal committee to participate in the decision-making process.
Because this was our first time conducting this type of grant-making, we decided to launch it with some of the organizations with whom we have previously partnered. Community-based organizations were invited to submit an application detailing how their programs work to advance opportunities for increased home ownership and affordable housing, provide financial literacy education and increase financial stability for Rhode Islanders and the committee [made its recommendations].
PBN: Why is it important to fund these types of organizations and programs?
CHARETTE: As a good corporate citizen, we believe it’s our duty to lend a hand during times of need. There are a lot of organizations in our state working extremely hard to improve our communities and help individuals and families prosper. In order to experience positive gains, they need support from all sectors. Investing in the communities we serve with the goal of helping improve the lives of Rhode Islanders has been a key component of Pawtucket Credit Union’s mission, and remains the motivation behind our social responsibility philosophy.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
