Katie BaileyCredit union leaders from the Richmond and Petersburg area gathered this month for a special Asset Limited, Income Constrained, Employed (ALICE) Convening, hosted by Peoples Advantage Credit Union in partnership with the Credit Union Impact Foundation and United Way of Greater Richmond and Petersburg.
The event opened with an overview of the ALICE population—families who work hard but still struggle to afford basic needs such as housing, childcare, and transportation.
“Transportation, housing, and childcare aren’t the only challenges ALICE families face, but they’re three of the biggest cost drivers that show up consistently in the data,” expressed Frank Cardella, Economic Mobility Director at United Way. “Since these barriers have both local and regional components to them, by focusing here, we can start to see where credit unions might play a role in supporting solutions at the household level and systemically.”
Participants then broke into small groups to take a deeper dive into these three issues. Discussions revealed common barriers such as the rising costs of rent and vehicles, the challenge of reliable childcare, and the tradeoffs families make between necessities like diapers and utility bills.
“This convening set the stage for what we believe will be a lasting and impactful effort.” Said Bobbi Grady, Executive Director of the Credit Union Impact Foundation. “The Richmond and Petersburg area credit unions are eager to continue this initiative and bring about lasting impact for their members and the community.”
This was indeed a launchpad for deeper action. The next step will be a follow-up meeting to identify which initiative holds the most promise for collective impact and to bring nonprofit partners into the conversation.
