More than ever, consumers are demanding more from the companies that get their business. They expect them to serve not just their shareholders, business partners, and customers, but also their community and environment. That’s why you might have heard the term “social purpose” in the business press. Many corporations and for-profit companies are scrambling to show how their operations are about more than profit and financial performance.
But for UFCU, the concept of social purpose is not a new one. In fact, social purpose has been a part of our fundamental mission since our founding in 1936. But what does “social purpose” mean?
“A Social Purpose Business is a company whose enduring reason for being is to create a better world. It is an engine for good, creating social benefits by the very act of conducting business. Its growth is a positive force in society,” says the Social Purpose Institute at United Way. At for-profit corporations, they still have to balance social goals against their financial goals. But at not-for-profit organizations like UFCU, social purpose is our only goal. The drive to better our Members, employees, and community is inherent in our culture. It’s a long-term, enduring focus. It’s who we are.
As a nonprofit, Member-owned social purpose credit union, UFCU’s core purpose is to improve long-term Member and community financial health and well-being. At its core, UFCU serves broader objectives that emphasize concern for people — not profits. We put all of our resources — our people and our assets — to work to make a positive difference in our communities. Our social purpose is centered around values like Member ownership, caring service, and proven integrity.
We credit these values with our growth and success in the Austin and Galveston areas. You can see these values at work in our efforts to advance opportunities for quality education, employment, and affordable housing in the communities we serve. Overall, we aspire to build a community that provides opportunities for all to grow and learn.
If you are seeking a financial institution with social purpose, it may be time to join the credit union movement.
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