Tongass Federal Credit Union
Tongass Federal Credit Unionis located in Ketchikan, Alaska. TFCU serves eight coastal communities on six islands in the boundaries of Southeast Alaska’s Tongass National Forest. Started by teachers in 1963, TFCU began serving the underserved from the very beginning. Teachers were unable to receive loans from local banks because of their “seasonal” income. In 2005 TFCU began serving underserved communities when Metlakatla Indian Community leaders asked them to open a branch after Wells Fargo left their town. Since then, TFCU has opened branches and community microsites with a focus on unserved and indigenous communities in the region. TFCU is an NCUA low-income designated, and Community Development Credit Union with 8,967 members. TFCU provides a variety of products and services for the people and small businesses of their region, including credit builder loans, HUD 184 and firsttime homebuyer mortgages, and small and micro-business loans.
CDFI Credit Unions Serve Remote Rural Communities: Tongass FCU
There are several small communities in Southeast Alaska that do not have access to financial services. Most of these communities are located on remote islands or not connected to the road system.