Local-business advocate Franzi Charen was one of the first to open a CD, though she noted that Certificates of Deposit in general are not high-yield products in the current financial climate. The purpose of this CD, she said, is to offer the consumer a local alternative whose yields compete with traditional CDs. In other words, to “go local without taking a hit.”
“The money is going to be invested back into our community,” Charen said, “into locally-owned, independent business and mortgages that won't be sold. This money is specifically directed into our local economy as opposed to going into Wall Street.”
The local CDs are offered with terms ranging from three months to five years and rates of return ranging from 0.25% to 1.25%.
The following is a press release from Self-Help credit union:
Self-Help/Carolina Mountains Announces the Launch of its New Local C.D.
On Friday, March 22nd, come celebrate with Carolina Mountains Credit Union, a division of Self-Help Credit Union, at their branch at 1911 S. Hendersonville Road, as they launch their first ever local certificate of deposit. This C.D., which is the result of an exciting partnership with Asheville Grown and the Go Local campaign, offers people an investment vehicle that will help to fund the credit union’s local small business, home mortgages (that will never be sold), responsible auto and signature loans, as well as local economic development projects. As the slogan says, “Put Your Money Where Your Heart Is: Love Western North Carolina: Invest Local”
The launch will feature tasty local treats and will take place at the credit union between 11 a.m. and 2 p.m.
The first 50 people to open a local c.d. will receive a free Love Asheville Go Local card and directory, offering discounts on products and services at over 360 locally-owned businesses in Asheville. These cards help to support Asheville City Schools and the Asheville City Schools Foundation.
For more information, call Debbie Johnson or Abigail Suarez at Carolina Mountains Credit Union, a division of Self-Help Credit Union, 828-676-2196.
Carolina Mountains Credit Union, a division of Self-Help Credit Union, is a member-owned cooperative credit union serving more than 7600 members in Western North Carolina. Our mission is to create ownership and protect economic opportunity for all, especially for rural residents, women, and communities of color. Among our members are socially responsible individuals, non-profits, religious organizations, foundations, businesses, and wealth management firms. Self-Help also has a significant history of small business lending. Some of the local businesses we have helped start up or grown through loans include Salsa’s, Casa dei Bambini, Regent Park Early Childhood Development Center, West End Bakery, the French Broad Food Coop, Blue Ridge Biofuels, Hops and Vines, Studio Flora Diva, Enter the Earth, FLS Energy, and the Glen Rock Commercial Building.
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