The president of a Morton Grove-based credit union believes two awards he received recently represent his credit union’s efforts to keep minority businesses alive during the ravages of the pandemic.
Negocios Now magazine named Jose Garcia, president of Northwest Community Credit Union, to its list of 120 honorees in “Who’s Who in Hispanic Business-2022.” It was the second year he received the award; he also received Chicago United’s 2021 Business Leaders of Color honors.
“This year and last year (the awards) have been a reflection of diversity membership and the ability provide financial services where no services existed,” said Garcia.
He has been president for 10 years of the credit union, headquartered in a red-brick three-story building with white columns at 8930 Waukegan Road.
Similarly, in an hour of need, Garcia said his credit union stood out from conventional financial institutions when businesses first shut down, then were crimped as the pandemic hit hard in the spring of 2020. He felt he had to spring into action to help facilitate pandemic relief loans to small business operators who were overwhelmed with the process of applying for federal assistance.
“There was a lot of demand coming from the Latino community, with many having trouble getting in front of bigger banks and financial institutions,” said Garcia. “We made extra effort to create a program for small businesses to have capital. Bank policy procedures and red tape are usually the problem.
“But a bigger challenge were smaller businesses who lacked understanding of tax statements. We spent a lot of time telling them of the financial statements needed. We hand-walked them through the process and took a lot of time. I personally spent time after hours meeting with businesses at neutral locations.”
The vast majority of Northwest Community’s customers are in Chicago and in the near northern suburbs, including Morton Grove. Part of Garcia’s job, pandemic or not, is educating potential customers on the functions of a credit union.
“I feel credit unions are the hidden gems, from the standpoint of financial institutions, that have almost every product a bank has,” he said. “The difference is a bank focuses on profits and return to shareholders. Credit unions are non-profits and member-owned. There’s not the pressure to meet profitability targets.
“We offer retail loans, mortgages, car loans and business loans. On the deposit side, we have almost every deposit product a bank has.”
Supplementing a natural talent with numbers was a long training cycle where Garcia learned financial management by simply doing, starting in his youth on Chicago’s Southwest Side.
“Everyone has a life event that focuses you,” he said. “In 1984, my father Ruben Garcia, Sr. passed away. I had to become the helper of my mom Rosalia Garcia in making financial decisions, how to make mortgage payments, how to maintain the household. I was viewed as the smart kid in the family.”
He eventually landed a scholarship at St. Xavier University when the student body was less than 5% Hispanic, and got a scholarship. He worked full-time during the day while attending classes full-time at night.
Garcia eventually became a president of a credit union in the heavily-Hispanic Humboldt Park neighborhood in Chicago at just 29. He moved on to several chief financial officer positions in other credit unions, a healthcare company and the Illinois Finance Authority before landing at Northwest Community.
He was determined to give back, establishing a student-run credit union at St. Xavier, which now has a student body that is nearly 50% Hispanic.
“I wanted students to have peer-to-peer training,” Garcia said. I wanted students to work with students, to teach them banking literacy. There’s always someone like me when I was 16, 17 who going on to college needed that help.”
Garcia’s work built a reputation that has preceded him. Those who spearheaded his awards were happy to bring him more recognition.
“We profile people who deserve to be there,” said Negocios Now publisher Clemente Nicado. The latest “Who’s Who” members were honored in a gala event on July 15 at Chicago’s Palmer House Hilton Hotel. In business since 2007, the nationally-distributed Negocios Now has run its “Who’s Who” listing since 2014, recognizing Hispanic leaders in business, government, law, finance, real estate, health and other fields.
Minority business achievers are now getting multiple honors, as Garcia achieved in the social-activist organization Chicago United’s Business Leaders of Color biennial awards in 2021.
“The last two years have been a challenge, but Chicago United and business leaders like Jose rose to that challenge and took a leadership role to strategically address diversity, equity and inclusion as part of a movement,” said Tiffany Hamel Johnson, Chicago United’s president and chief executive officer.
“Chicago United honors Jose’s tenacity and courage. Our vision is to transform the Chicago region into the most inclusive business ecosystem in the nation.”
A bunch of awards don’t overwhelm what Garcia feels is a simple message about his business.
“Open your eyes to a credit union,'” he said. “Everybody views a credit union as affiliated with a union of some sorts. But it isn’t. We just want to get small businesses and folks in our service area to open their eyes.”
