BANKING WITHOUT BARRIERS
Community Resource Partner
In East San José, traditional banking has long felt inaccessible. Due to a lack of documentation and distrust in financial institutions, thousands of families remain unbanked or underbanked, excluded from essential services that foster financial stability. However, a quiet transformation is underway. Credit unions, founded on community ownership and inclusivity principles, are at the forefront of bridging that gap.
Unlike big banks, credit unions are not-for-profit cooperatives owned by their members. This unique model often leads to more flexible, community-focused services, particularly beneficial for immigrant families and individuals with limited financial histories. In recent years, several credit unions across California have launched targeted programs to reach those previously excluded, especially those using Individual Taxpayer Identification Numbers (ITINs) instead of Social Security numbers.
ITIN holders often face significant obstacles when opening a bank account or applying for credit. Many are long-time residents who pay taxes, raise families, and contribute to the local economy, but without a Social Security number, they are routinely denied access to the essential tools that can help build long-term financial health. In response, credit unions like Self-Help Federal Credit Union and Excite Credit Union have stepped up, offering ITIN-based lending options and tailored outreach programs in multiple area languages.
"It takes time to establish trust," says Director of Community Development Excite Credit Union Dora Beyer. "We lead by explaining the ‘why’. Why we’re different and why Excite is here."
These efforts are already yielding results. In East San José, ITIN mortgage loans have steadily increased, assisting immigrant families in taking their first steps toward homeownership. Access to small business loans and credit-building programs has also empowered street vendors, childcare providers, and gig workers working in cash-based industries to formalize their businesses and expand their economic mobility.
