Virtual Annual Membership Meeting

Join us to celebrate virtually another year of accomplishments, challenges and growth.

To comply with necessary social distancing guidelines, and to ensure the safety of our staff and members, LES People’s 34th Annual meeting will be held virtually and live via Zoom.

Register in advance for this meeting here.

What: 2020 Annual Membership Meeting
When: Wednesday, July 29th, 2020 at 4:00 p.m.
Where: Zoom

After registering, you will receive a confirmation email containing information about joining the meeting.

We look forward to your participation at our 2020 Annual Meeting!

Funds Availability Policy Update

We would like to share with you an important update to our Funds Availability Policy, also known as Reg CC., which became effective July 1, 2020.

▪ Funds, up to $5,525, deposited by checks or drafts written from a financial institutions located within United States will be available after 2 business days

▪ Funds, over $5,525, deposited by checks or drafts written from financial institutions located within United States will be available after 7 business days

▪The first $225 of every domestic check or draft deposit will be available the next business day

What does this mean for you? You will have access to more of your funds when one of the holds noted above is placed on your check deposit.

We will continue to notify our members of any future changes.

Coming Soon: LES People's New Website

In the middle of July, our website will undergo a major enhancement in capacity and design. We look forward to hearing your feedback and hope that you love it as much as we do.

The main goal of our new website is to make access to information and transactions more readily available. Now you will be able to Become a Member or Apply for a Loan completely online from the safety and security of you own home, or work place.

The new website also has a quick and easy language translation tool that makes it user friendly and handy for all our members to use in the language of their choice.

Good News: There will be no changes to our Online Banking, Mobile Banking, and other online services.

SBA's PPP Loan Forgiveness Program

We are happy to share the links to the Paycheck Protection Program (PPP) Loan Forgiveness webinar that was held on June 5th exclusively for small business owners. The webinar gives you a detailed explanation about the requirements for applying for loan forgiveness as well as step by step instructions on how to submit your forgiveness request.

We urge anyone who has taken out a PPP loan to watch these important and helpful webinars. Please note that there are both English and Spanish versions.

Webinar panel information:
David Hincapie, SBA Economic Development Specialist and Pablo DeFilippi, Senior Vice President of Membership and Network Engagement at Inclusiv.

Here are the links to the PPP Loan Forgiveness Series:
English
Spanish

Tips to Build Credit from Scratch

New to credit? These tips may be helpful.

Ask a family member to become an authorized user on his or her card. Payment history and credit utilization are key factors, so you will want a primary cardholder that has a long history of paying on time.

Open a credit builder loan which main purpose is to build credit and would not require a credit check. It's a loan that you pay every month and the money you borrow is held by the lender until you complete the last payment. When loan is payoff, the funds are returned to you. These loans are usually offered by credit unions and community banks.

Pro tip: use it as your savings goal

Apply for a secured credit card which is usually backed by a security deposit. It's similar to when you rent an apartment, your collateral is your security deposit. Using this type of card requires that you make on time payments and keep credit utilization below 30% of your credit limit. Your credit limit is usually the same amount as your security deposit.

Pro tip: use this card to pay a small monthly bill ($10 streaming service) and set up auto payments.

Use a co-signer to get a loan or an unsecured credit card. In this situation you and your co-signer have the same responsibility in case you don't pay

Contact Bernard if you want to start or improve credit at bsaavedra@neighborhoodtrust.org.