Stepping Stones Community Federal Credit Union (SSCFCU)
Since 2012, we have delivered safe and reliable access to savings, credit, and other financial services without the high cost associated with typical check cashing or payday lending.
Big banks often charge limited-income communities sky-high fees, or disregard them entirely, leaving room for predatory lenders to strike. Chartered on 9/30/2011 to deliver an alternative for the people of Wilmington: safe and reliable access to savings, credit, and other financial services, we offer fee-free accounts with as little as a $5 deposit, coaching to help members leverage our services, so members can build up and secure their savings, as well as access low-interest loans. During the COVID-19 pandemic, we made PPP loans as small as $2,000 and as large as $700,000, distributed computers to homes without one, and became the sole bank serving those in Delaware prisons. Today, we welcome over 2,000 account holders and are capitalized at $600,000—with an ongoing capital campaign to grow substantially. The credit union is currently designated an MDI, a CDFI, and a FHLB Pittsburgh member.
Our purpose is to deliver safe and reliable access to money, credit, and other financial services without the high cost associated with typical check cashing services. We support the dignity of each person as they build their financial success and take ownership of their financial wellbeing. Together, this is possible!
Through Senator Coons efforts, DCRAC is a recipient of $500,000 in Community Project Funding for Advancing Minority Homeownership. This Initiative launched in November 2022 with a Stepping Stones Community Federal Credit Union mortgage to Angel--our first member homeowner!
A fifth of Wilmington residents are un- or under-banked—even more have zero net worth or less—and they can lose up to $3,000 a year on exploitative financial services like payday lending. If even a fraction of the disinvested residents joined the mainstream financial system through an institution like Stepping Stones Community Federal Credit Union, imagine what that would add to the economy!
Primary Financial Institution for Justice-Involved in Delaware
In partnership with the Department of Correction, we offer access to a bank account (and opportunity to save) to our justice-involved members. Such opportunity allows them soft-landing as returning citizens. In partnership with the prisons, Project New Start, and through our Economic Mobility Corps Ally, we prepare our members for full participation in their own economic mobility journey.
Since 2012, we have delivered safe and reliable access to savings, credit, and other financial services without the high cost associated with typical check cashing services. Stepping Stones is open to anyone with a connection to the City of Wilmington and an interest in becoming a member. We offer fee-free accounts, low-interest loans, and coaching to help you get the most out of our services—and out of your money. When you get a paycheck, we want you to keep as much of it as you can. By using a local credit union, you’re joining with people just like you to support banking services that work for Delawareans, regardless of income—and you’re taking a stand against predatory lenders.
Creating a bank account and using these services means you can build up and secure your savings, as well as access low-interest loans for things like a house or car repairs. When you’re low-wealth, the big banks don’t always go after your business, or they charge sky-high fees to bring you in. It’s a whole other ballgame when you walk into Stepping Stones. We’re not a typical bank—we have the same services, but we’re centered on helping our own community thrive. If you need a loan, you want someone who cares enough to do the due diligence and make sure you’re getting into the right agreement for what you need. When you bank with Stepping Stones, that’s what you get.