Our Mission
To help build and protect wealth for people with diverse identities who have been historically marginalized by the financial industry, especially those with low wealth or identifying as Black, indigenous, or people of color.
Our Commitment is to Economic Justice
For a community to thrive economically it requires access to basic financial services and affordable credit. Yet historically, for communities struggling with low-income, credit issues, systemic racism and other forms of financial exclusion this access has been limited.
Our commitment to economic justice seeks to ensure that everyone, especially those from low and moderate income and marginalized communities have access to fair financial products and services. We are proud to be certified as a Community Development Financial Institution (CDFI). Unlike traditional banks, CDFIs specialize in lending to individuals, organizations, and businesses in under-resourced communities, offering financial education, business coaching, and low-interest rate loans so everyone in the community can build wealth (especially for those with past credit issues).
We want to help you finance your first home, start or expand your business, access an affordable loan for a car or medical bill, help you build your credit and grow your savings.
How we achieve this
- Reality-based lending process that looks at more than your credit score for loan approval and a path to approval for those who need support.
- Low Minimum Balance Requirement of just $5 to reduce the number of unbanked and support those with low savings who can’t afford those monthly fees
- Financial Coaching Services to help families manage money and find solutions to improve their financial situation.
- No-Cost Business Consultations to support a start-up or business expansion
- Business Lending geared for small businesses and entrepreneurs
- Homeownership programs and downpayment assistance to create generational wealth for families left behind by mainstream finance.
- Prized-Based Savings Account with monthly cash prizes to encourage savings of as little as $25/month (see Lucky Savers Certificate).
- Certification as a Living Wage Employer and a partner with the Tompkins County Workers Center in the biennial living wage study.
Recognition & Awards
We’ve proudly received recognition for our achievements locally and nationally over the years. Here’s a glimpse at some of our most recent accolades.
- Best in Category – Social Media – CUNA Diamond Awards
- 1st Place Gold Winner – Finger Lakes Favorites – Credit Union Category
- Kevin Mietlicki, AFCU Chief Financial Officer, named Credit Union Rockstar by CUNA
- 1st Place – CUNA – Desjardins National Adult Financial Education Award
- 1st Place – New York Credit Union Association – Desjardins State Adult Financial Education Award
Voted #1 Community Development Financial Institution in the USA by the National Credit Union Association.
Tompkins County Workers’ Center
“Friend of Labor” award to Leni Hochman, COO, for implementing the Living Wage Study.
- NerdWallet’s Top Community-Focused Credit Unions
Wachovia Wells Fargo NEXT Awards for Opportunity Finance Advocacy for the Living Wage Study.
Sustainable Tompkins’ Signs of Sustainability Award
Our Small Business Loan Fund helps small businesses by giving them a chance to compete in a more financially feasible manner.
The Earn, Save, Share program through Alternatives was created to teach students from low-income families about financial education and personal enterprise. The program allows students to practice their learning about building savings and money-management skills through small-scale entrepreneurial projects.
Wachovia Wells Fargo NEXT Awards for Opportunity Finance
Runner-up to the top prize for $5 million
Good Neighbor Award
Awarded by GIAC (Greater Ithaca Activities Center)
Distinguished Recycler Award
“In recognition of a Partner with an effective and comprehensive recycling program that maximizes the capture of materials that can be recycled in Tompkins County,” by Tompkins County Solid Waste.
Wachovia Wells Fargo NEXT Awards for Opportunity Finance
Runner-Up to $5 million prize
Sustainable Tompkins’ Signs of Sustainability Award
Alternatives’ “Green Team” tackles projects to make our business more sustainable. One of our internal projects was reducing electricity use, which so far as produced yearly savings of 26,800 kilowatts.
Alternatives signed on with Tompkins County Solid Waste Management as a ReBusiness partner. Alternatives has implemented an intensive recycling program, keeping 88% of the company’s trash out of landfills.
Outstanding Volunteer of the Year
Awarded to Yvette Rubio, Board of Directors President, by the Credit Union Association of New York
PEGASYS Award for Talk Show Programming
This award went to Ithaca DSA Presents, produced by Theresa Alt & John Coleman. The show featured Joe Cummins, Community Development Educator at Alternatives, discussing children saving money and teaching adults money management.
$2 Million Award, Community Development Financial Institutions Fund
The award will support the expansion of Alternatives’ current educational programs. It will also allow for additional debit consolidation and mortgage refinancing to community residents who have loans at significantly higher interest rates, and may have difficulty obtaining credit elsewhere.
Alternatives was able to upgrade the Alternatives VISA Debit Card software in 2008. This purchase has been made possible, in part, by a grant from the New York Credit Union Foundation.
Hall of Fame Award and Pinnacle Award, New York State Credit Union League
Awarded to Bill Myers, CEO. Pinnacle Marketing Awards recognize outstanding marketing efforts by credit unions across the state during the past year.
Corinne Galvin Award, Tompkins County Human Rights Association
Awarded to Alternatives CEO Bill Myers, “for an individual’s work on a human rights issue.”
Community Service Award, Alpha Kappa Alpha Sorority
Golden Mirror, CU Executives Society
For Alternatives’ annual report
Diamond Award, CUNA
First Place and Best Use of Art for annual report.
CU Lender of the Year, SBA Southern Tier Region
Best Bank in Ithaca, Ithaca Times
Readers’ Annual Vote
Dora Maxwell Award, NYS Credit Union League
For the Living Wage Study
Pinnacle Marketing Award, NYS Credit Union League
Best in Show for Annual Report
Top Federal Credit Union Lender in the Southern Tier, SBA Awards
ELLY Award of Merit winner, CUNA Center for Professional Development
For the Credit Path Seminar
Serving the Underserved Scholarship to NYIB
Volunteer of the Year Award, Education Credit Union Development Educators
Awarded to Bill Myers, CEO
Credit Union National Association Diamond Award
First Place-National Level, for exceptional creativity, design and content for 2003 Annual Report
Dora Maxwell Award
First Place-New York State, for Social Responsibility for the West End Mural.
Desjardins Youth Financial Education Award
First Place, for The Student Credit Union, in recognition of its leadership in youth financial education, given by the New York State Credit Union League & Affiliates.
Desjardins Youth Financial Education Award
First Place – National Level, for The Student Credit Union, in recognition of its leadership in youth financial education, given by the Credit Union National Association.
Louise Herring Award for Philosophy in Action
First Place, for the Alternatives Credit Path®, awarded by the New York State Credit Union League.
Louise Herring Award for Philosophy in Action
Second Place – National Level, for the Alternatives Credit Path®, awarded by the Credit Union National Association.
Recognition from the Department of Treasury, Internal Revenue Service
for Alternatives’ Free Tax Preparation program, for outstanding effort, dedication and contribution in building stronger communities.
Wachovia Community Development Financial Institution Award of Excellence
to Alternatives, for excellent in innovation, given by the National Community Capital Association.
Annie Vamper Helping Hands Award
Received by Bill Myers, CEO. The highest recognition given by the National Federation of Community Development Credit Unions for his deep commitment to the CDCU movement throughout his professional career, promoting the ideals of cooperation and voluntary service both domestically and internationally.
Pride of Ownership Award
to Alternatives for the Mural of the West End circa 1900, given by the City of Ithaca and the Ithaca Rotary Club.
Dora Maxell Award for Excellence in Community Involvement
First Place, for the Free Tax Preparation Program, from the New York State Credit Union League.
Desjardins Youth Financial Education Award
First Place, for The Student Credit Union, in recognition of its leadership in youth financial education, given by the New York State Credit Union League.
Desjardins Youth Financial Education Award
Honorable Mention – National Level, for The Student Credit Union, in recognition of its leadership in youth financial education, given by the Credit Union National Association.
The Ithaca Times Best of Ithaca Award
for “Best Bank to do Business At.”
Educator of the Year Award
Received by Bill Myers, CEO for contributing significantly to the New York State Credit Union Foundation’s goal of educating consumers and credit union staff, given by New York State Credit Union League.
New York State Credit Union League Award
Received by Bill Myers, CEO, for 25 years service, in recognition of outstanding service and dedication to the credit union’s mission.
Pride of Ownership Award
for Alternatives’ new building, presented by the City of Ithaca and Ithaca Rotary Club.
The Diamond Award for Excellence
The highest award given from the Credit Union National Association, for Alternatives’ 1998 Annual Report.
Ithaca Housing Authority Recognition
to Mary Zeigler, Community Partnership Lending, in appreciation for Alternatives’ contribution to the Three Pillars Foundation Program.
The Renaissance Commission Award
to Bill Myers, CEO, in recognition and appreciation of distinguished service on Credit Union National Association Renaissance Commission.
National Community Capital Association Recognition
to Bill Myers, CEO, in grateful appreciation for service on the Board of Directors (1997-2000).
Louise Herring Award
First Place, for exemplifying “philosophy in action” for Alternatives’ Individual Development Account Program.
The Ithaca Times Best of Ithaca Award
for “The best place to trust the clerk’s opinion” – “You know you’re in Ithaca when you can ask a teller for financial advice. Be honest and you’ll get honesty in return, at least there. You may not make a million, but will be in very good company…”
The Dr. Martin Luther King Jr. Diversity Leadership Award
for the Credit Union’s efforts and success in employing a staff that reflects the community it serves.
Louise Herring Award
for our Community Partnership Lending program, a perfect example of the philosophy of people helping people, promoted by Louise Herring herself, awarded by the New York State Credit Union League.
Louise Herring Award
for excellence in incorporating the “people helping people” philosophy for our Student Credit Union.
Community Change Agents Project
accepted our manager, Bill Myers, to the project sponsored by the Center for Community Change. The project is a year-long, rigorous learning experience in management and leadership development for directors of community based organizations.
Green Business Pledge
awarded by Co-Op America, to businesses that pledge to “conduct business according to standards that reach beyond contemporary practices in addressing the needs of consumers, employees, the community and the environment.”
Bridge Award
Honorable Mention, from NYS Credit Union League, awarded for Alternative Currents, our monthly member newsletter, for “Excellence in Member Education Communications.”
Tompkins County Human Rights Award
for achieving a priority goal of diversifying our staff.
Friends of Labor Award
for being a friend to labor, awarded by the Tompkins Cortland Labor Coalition, for diversifying our staff, and for our livable wage study.
Louise Herring Philosophy in Action Award
for our diversification of staff. “Your Credit Union’s commitment to the community and your membership is something of which the whole movement can be proud.”
Bridge Award
for Alternative Currents, edited by Leni Hochman, “for excellence in Newsletter Communication 2-color or less”
Dora Maxwell Award
for our RoundOff program, where members can easily donate “spare change” to the non-profit organization of the month, awarded by New York State Credit Union League.