Let’s talk about how your Summit membership means more for women, all our members and our communities.
At Summit, we believe anyone can succeed financially, and that greater financial confidence and less stress help build a stronger, more resilient life, family and community. Collectively, we make greater impacts for each other and the wider community.
An important way we impact the wider community is our focus on the financial wellbeing of women. National equal pay legislation was passed almost 60 years ago, but women today still earn less than men over their lifetime. Women are also primary caregivers and live longer than men. We support women in their financial journeys toward a secure retirement, including housing security, home ownership and business ownership.
Secure housing is crucial. Summit recently provided the Madison Development Corporation (MDC) with a loan to build a new, 24-unit affordable housing complex on East Mifflin in Madison. This will add to MDC’s existing 350 units in the Madison area. It is an exciting way we are supporting our community. And we take it further because at Summit we are all financial educators. This October, several of our team members are meeting with tenants of MDC’s Graaskamp complex of apartments to share financial tips and access to Summit’s Money Smarts resources.
For many, home ownership is an important part of financial security over the years, giving options to use equity to reach a goal and building equity to help ensure a more comfortable retirement. It’s good to know that whether purchasing or refinancing, people count on us for more mortgages than any other mortgage lender in Wisconsin. We make it easy with our proven expertise, tools and guidance. That means less stress as you build financial security.
Women-owned businesses are part of our commitment to the women and our communities.The National Women Business Owner stats say that nationwide, 11.6 million firms are women owned. They generate $1.7 trillion in sales and employ 9 million people. 20% of businesses with over $1 million in revenue are owned by women. At Summit, women-owned businesses make up 38% of our business loan portfolio. We have $143 million in business loans to women-owned businesses. I’ll share one example:
One of the first things Summit member Amy Moore did when she bought Little Luxuries on Madison’s State Street in 2011 was to move her business’s banking relationship to Summit Credit Union. She said, “I love the local aspect of Summit Credit Union, its emphasis on small businesses and the overall way a credit union functions.” Since then, Summit has provided daily business services, a loan for the store’s renovation in early 2018 and, recently, a new line of credit for greater flexibility on inventory ordering, important to meet customer demand in an environment with so many supply chain issues. On a personal note, I’d like to thank Amy for also supporting women run businesses. She said part of the reason she chose Summit is that “whenever possible, I make it a point to work with other female-operated businesses.” Little Luxuries continues to grow, including in popularity. Congratulations, Amy, on Little Luxuries recent recognition as a Favorite in the Gift Shop category of Wisconsin State Journal’s People’s Choice awards.
Join us! Together with our members we empower individual financial wellness and create powerful impacts in our communities. We’d love to have you be a part of it, too.
Kim M. Sponem
CEO and President, Summit Credit Union