Bringing Banks to the Unbanked

Over the past 3 years, Watermark CDC developed partnerships with 10 banks who are integral to achieving our mission and conducting daily operations. Our bank partners work with our team to provide talent, time, and treasure toward our vision to “Transform Economic Welfare”. These efforts range from opening savings accounts for our Financial Catalyst participants, serving in various volunteer opportunities, funding the matched savings program toward asset purchases, sponsoring events, teaching topical seminars, and much more. 

 In our monthly bank meeting at the start of 2022, our team asked our bank partners about their desired next step toward working deeper within South Dallas. Their support of Financial Catalyst was clearly seen as significant and effective, so what would be their next effort to meet financial needs?

Historic South Dallas includes the two zip codes around Fair Park with a total population of about 25,000-30,000 people. The sad reality is how under-resourced the community is when it comes to financial services. There are only two bank branches serving the population of a small town. The access to checking accounts, mortgage loans, and commercial loans is scarce. When you drive through your neighborhood or community, how many bank branches do you pass on your way to work each day? Do you have relatives or friends who aren’t banked and aren’t using any banking services? Do you have predatory lenders who are providing corner store cash checking at an astronomical rate? This is the daily experience for our neighbors living in South Dallas just outside of downtown Dallas. 

To their credit, the bank partners worked together over the last 21 months to develop a solution. They are jointly funding a role on our staff called a Community Financial Advocate. Josue Contreras is a kingdom-minded leader who grew up in South Dallas and started in this new role just a few weeks ago. Josue will be focused on building relationships within the community, providing financial services including consumer, mortgage, and commercial products, and advocating on behalf of Watermark CDC and local organizations, too. 

Through this innovative solution, our neighbors will have access to the needed financial services. A single mom won’t have to bank under her mattress and worry about constant theft. A neighbor who aspires to be a first-time homeowner in their family history can utilize an affordable loan to buy a safe and secure house. A local entrepreneur will have trusted and effective resources to grow their business. 

We are grateful to our bank partners for their support of the Community Financial Advocate role and our vision to “Transform Economic Welfare”.