St. Louis Community Credit Union Expands Community Access to Business Loans Through Collaboration with Regional Anchor Institutions

ST. LOUIS (February 18, 2025) – St. Louis Community Credit Union (SLCCU), through a multi-sector collaboration between BJC Health System (BJC), SSM Health, and the James S. McDonnell Foundation (JSMF) will provide expanded access to qualified businesses seeking affordable loans. Collectively, the three St. Louis area anchor institutions are providing nearly $15 million in low-cost deposits through the credit union’s Community Impact Deposit program that will be used to assist underrepresented businesses in need of affordable loans for working capital, equipment, real estate, and more.

“Access to affordable loans, especially for Black- and Brown-owned businesses, can be hard to come by,” said St. Louis Community Credit Union President and CEO Kirk D. Mills. “The significant deposits that we have received from BJC, JSMF, and SSM Health are being used to help businesses hire new staff and grow. Our goal is simple: lend responsibly for maximum community impact.”

St. Louis Community Credit Union is not-for-profit and cooperatively owned by its nearly 54,000 members who live or work throughout the St. Louis region. In addition to being a Black-owned Minority Depository Institution (MDI), the credit union is a certified Community Development Financial Institution, which is committed to offering safe, affordable, and accessible financial products and services to consumers and businesses.

BJC, SSM Health, and the James S. McDonnell Foundation have joined the national movement of large anchor institutions flexing their financial balance sheets for the benefit of low- and moderate-income households, through strategic investments in financing entities like the credit union.

“As the largest employer in St. Louis, BJC is committed to addressing the root causes of health inequities inside and outside our walls– and economic well-being and health outcomes are intertwined,” said Rich Liekweg, chief executive officer of BJC Health System. “We believe investing in the financial health of our community will create opportunity and progress that will be felt for generations to come, and this collaboration with St. Louis Community Credit Union and other anchor institutions helps to ensure greater, collective impact for our region.”

“This investment allows us to directly support a local, community-based financial institution that is dedicated to providing accessible, equitable financial services while still realizing a return on our investment,” said Jason Q. Purnell, JSMF President. “SLCCU helps drive the inclusive growth that is essential to our long-term vision for shared prosperity that will help all of St. Louis grow.”

According to the St. Louis Federal Reserve, Black families own about 23 cents for every $1 of white family wealth, on average. For MDIs like St. Louis Community Credit Union, this disparity has real consequences. “Because of historic financial inequities, the majority of depositors we serve lack the same savings capacity as consumers from whiter, more suburban-focused financial institutions. That means we have to find alternative sources of deposits to meet the growing borrowing needs of small businesses and consumers,” said Mills.

“We know that where a person lives can have a significant impact on their overall health and well-being. Providing high-quality health care services is crucial. But people also need access to nutritious food, safe housing, reliable transportation, and strong, stable employment opportunities in order to thrive,” said SSM Health President and CEO Laura S. Kaiser, FACHE. “Through this partnership, we’re investing in the economic health of our community so that everyone has the opportunity to lead their healthiest life.”      

Since launching its Community Impact Deposit program in 2022, the credit union has attracted more than $30 million in new deposits from private, public, and philanthropic entities committed to equitable finance. These dollars have been used to fund a portion of the more than $40 million in business loans issued during this same period. In total, 90% of all business loans issued during this period have assisted Black-owned businesses.

“We are able to take care of business like we’re supposed to. We’re able to see our goals being fulfilled with this building. We’re able to breathe a little easier and not have those high-interest loans hanging over our heads. We were able to believe in the banking system again,” said Deborah James of Freddie Lee’s Gourmet Sauces. Deborah and her husband, Freddie Lee, are the owners of one of St. Louis’ most popular home-grown sauce producers.

However, limited access to affordable financing stymied their ability to scale operations. After getting connected with St. Louis Community Credit Union, the couple was approved for a loan that changed everything. “The new building we have will allow us to grow, to hire more people, and it will allow us to help our clients more,” says Deborah.