Bon Secours Mercy Health, Toledo Urban Federal Credit Union Partner to Address Housing Instability in Toledo

With the goal of reducing health care concerns by alleviating the stress of housing instability, the Toledo Urban Federal Credit Union and Bon Secours Mercy Health have partnered to provide residents access to the financial resources needed to rehabilitate their homes.

Bon Secours Mercy Health, which includes Mercy Health – Toledo, has committed $3 million as part of its Direct Community Investment Program, in an effort to offer flexible capital to those in need of home repairs. Over the next five years, the investment will support a low interest loan program for homeowners in central city Toledo, including the Cherry Legacy neighborhood, to make infrastructure improvements and vital repairs to their homes. 

“Bon Secours Mercy Health understands that physical health and wellbeing goes well beyond the walls of our medical facilities and in many cases can be directly impacted by financial health,” said Bob Baxter, president of Mercy Health – Toledo. “In Toledo, our central city homeowners often find themselves in a difficult position if they do not qualify for the housing support that is available in our community. This fund is intended to offer diverse capital to fund home repairs, while also promoting financial education and financial stability.”

“Currently, our community has an unprecedent number of resources at our disposal to address housing needs,” added Kendra Smith, vice president of community health for Bon Secours Mercy Health. “Our goal and that of our partners is to work in tandem with those programs and resources to ensure that as many residents as possible have access to funds that can improve the conditions of their homes and raise property values. This vision collectively will help create greater stability in Toledo neighborhoods.”

The fund will prioritize borrowers that are not eligible for federal and state resources, but still may fall short of qualifying for other conventional banking products. The loan program will also provide financial education to help homeowners budget loan repayment and improve financial stability.

Toledo Urban Federal Credit Union has a proven commitment to serving the financial needs of central city residents and has strong credibility in helping residents reach their financial goals. 

“I am so excited about the relationship that Toledo Urban Federal Credit Union and Bon Secours Mercy Health are establishing. ‘People Helping People,’ that is what credit unions are all about. The loan program that we have developed together, with dollars that Bon Secours Mercy Health and Toledo Urban Federal Credit Union has invested, is an embodiment of that creed and an example of our ability to build collaborative programming with partners that engage and address the needs of the communities we serve,” said Suzette Cowell, founder, chief executive officer and treasurer of Toledo Urban Federal Credit Union. “This relationship is the beginning of stabilizing our neighborhoods and bringing pride back into our community. It is partnerships and resources like this program that will strengthen the community and have a lasting effect in Toledo.  

Application materials are now available at Toledo Urban Federal Credit Union, 1441 Dorr St., Toledo, OH 43607. 

Mercy Health – Toledo and community partners have tackled the issue of financial stability in our neighborhoods in a variety of ways, including the opening of a Financial Opportunity Center (FOC) on-site at the Mercy Health – Franklin Avenue Medical Center. Offered in collaboration with LISC and NeighborWorks Toledo Region, the FOC provides one-on-one coaching to help clients build credit scores, build budgets and pursue career opportunities, among others.

The Mercy Health – Toledo innovation team has also worked in collaboration with PNC Foundation to offer a Getting Your Business Started! program. This course is a free, eight-week training program for entrepreneurs located within our community from historically disadvantaged areas of the city. This program supports both PNC and Mercy Health Foundation's commitment to revitalizing low to moderate income communities.