Business Editors
LOS ANGELES--(BUSINESS WIRE)--Sept. 28, 2000
Neighborhood Small Businesses, Families Gain Access to Capital,
Credit Counseling Through Alliance of Nix, Union Bank of
California and Operation HOPE
In an unprecedented show of support for the community, three well-known organizations have come together to bring convenient banking and financial counseling services to underserved areas of Southern California. Nix Check Cashing, Union Bank of California, N.A., and Operation HOPE, Inc., today unveiled their plan to offer a broad range of financial services to the residents of Los Angeles, Inglewood, Long Beach and beyond. The triumvirate first announced this alliance in March 2000.
These organizations will offer financial products and services at three Nix Check Cashing pilot locations: 1009 Martin Luther King Jr. Blvd. in Los Angeles (MLK and Vermont Ave.); 140 East Manchester Blvd. in Inglewood (Manchester and La Brea Ave.); and 6583 Atlantic Ave. in Long Beach (Atlantic and Artesia Blvd.).
According to Nix Check Cashing President Thomas E. Nix, the alliance marks the first time that a major community bank, a check cashing company and a non-profit community-based organization have joined forces to meet the financial needs of the community. "While all three organizations have a presence in the community and are well known for their individual contributions, each brings its own strengths and capabilities to the partnership," said Nix. The group plans to expand its products and services to all 44 remaining Nix stores over the next two years.
At the three pilot offices, Union Bank of California offers applications for home loans, credit cards, checking and savings accounts; direct toll-free access to its customer service department; a full-service ATM with no surcharge for non-bank customers; and small business loan and deposit services. Operation HOPE offers mortgage assistance, consumer and business credit education information through brochures and a direct line telephone at all three Nix locations. Additionally, Nix customers can visit an Operation HOPE Banking Center for in-person assistance.
"For Operation HOPE, this partnership means we have a goal to convert more than 30 percent of check cashing customers into depository customers, move renters into home ownership and convert small business dreamers into small business owners," said Operation HOPE Founder, Chairman and CEO John Bryant. "Operation HOPE will use this opportunity to expand access to our empowerment services, including economic education, financial and credit counseling, and access to capital."
The alliance also allows small business owners to apply for new accounts, receive deposit and loan information via telephone, and conduct deposit transactions through a secured drop box inside each Nix facility. Nix Check Cashing will continue to offer fee-based check cashing, money orders, money transfers, payday advances, transit passes, prepaid phone cards and a host of other convenient services.
