SEATTLE—Seattle Metro has introduced two new loans designed to help the large immigrant population here finance their path to U.S. citizenship.
The $705-million CU’s “Citizenship Loans” cover the costs associated with the citizenship application process, which range from $700 to $4,000.
CEO Richard Romero acknowledges the small loans are not money-makers—he sees them instead as a means to serve the local community and to build membership down the road.
“There are a lot of immigrants in Seattle and many are underbanked,” said Romero. “The loans are our introduction to this population. With these loans we have the opportunity to show them they can trust us and that we are here to help them not only become U.S. citizens but improve their financial lives. We feel these loans create a strong bond with people that will last a lifetime. We become their partner with them in this journey to citizenship and they will always look to us for financial advice and products and services.”
Large Immigrant Population
According to the Seattle Office of Immigrant and Refugee Affairs (OIRA), there are currently more than 22,000 legal permanent residents in Seattle who are eligible to naturalize. More than half are low-income and unable to afford the current $680 application fee.
“Seattle is a city that has a large immigrant population due in part to a fast-growing economy,” said Romero. “It is projected that in the next 10 years 33% of Seattle’s growth will come from outside the country.”
According to Romero, the city of Seattle processes about 15,000 people annually through its citizenship program.
Seattle Metro has partnered with the OIRA and will soon participate in workshops the city is holding to instruct immigrants on the naturalization process.
“We are going to show up at the workshops, pay for people’s parking, and provide water,” said Romero. “And we will answer any questions people may have about finances, whether it be for the Citizenship Loans or other credit union products.”
Romero said the plan is for the credit union to become the financing arm for the city’s citizenship program.
“The way it might work,” said Romero, “is you show up to a room and there are two tables. One is to get your citizenship application and have questions answered about the process, and the other would be for the credit union and our financing.”
Family-Size Loan Option
The $700 loan (9.99%) is for a one person, and the $4,000 loan (11.99%) is for families, explained Romero. There is no credit check.
“Not very often do you have only one person in a family who wants to become a U.S. citizen. So the large loan provides a means to finance the needs of a family of four,” said Romero, who added that many years ago he immigrated to the U.S. from Peru and went through the naturalization process.
“The two workshops the city is putting on soon each have 250 people enrolled. If I get 10% of those people to take out a Citizenship Loan I will be happy,” said Romero, who said no loans have yet been made with the new program.
But what Romero and Seattle Metro want most from the program is to make a difference in the community in a new way.
“Seattle Metropolitan Credit Union traces its roots back more than 80 years to its founding by city of Seattle employees. We have always been the city’s credit union, and have always been responsive to our city’s evolving community,” said Romero. “It is an honor to offer this opportunity that will make the dreams of American citizenship come true for so many.”