Rivermark Community Credit Union Partners with Salus to Expand Financial Access for ALICE Households
Oregon CDFI deploys microloans to serve its members and curb reliance on predatory lenders Rivermark Community Credit Union, a Community Development Financial Institution (CDFI) serving the Portland, Oregon metropolitan area, has partnered with Salus to launch an instant microloan program designed to better serve ALICE (Asset Limited, Income Constrained, Employed) households in its community. The initiative reflects Rivermark’s commitment to financial inclusion, its evolving risk strategy and its focus on meeting members’ digital expectations.
The partnership grew directly from Rivermark’s mission-driven analysis of its own membership. During a review of overdraft activity, the credit union discovered a significant number of members making payments to high-cost cash advance services. This was a clear signal that members were turning to predatory lenders for short-term needs that Rivermark was positioned to serve more affordably.
“This fits into our CDFI strategy to better serve the underserved ALICE community in our area,” Cheryl McCarthy, vice president of product development and management at Rivermark, said. “We have a financial wellness department that offers financial coaching, and microloans are a natural extension of that commitment to our members’ long-term financial health.”
After an extensive review of available solutions, Rivermark selected Salus for its mission alignment, its platform offerings relative to point solutions, and its long-term flexibility. “Salus can grow with us over time,” McCarthy said.” The platform is very easy to use; it’s obviously built with the member in mind.”
In addition to microloans, the Salus platform also offers credit risk monitoring with predictive analytics, earned wage access and credit building through rent reporting.
The decision also aligns with Rivermark’s broader strategic direction. The credit union has been focused on automation and a deliberate shift in its risk philosophy. “We are moving our risk appetite from moderate to tolerant,” Rivermark CMO David Noble said. “We want to be more risk-seeking, and microloans fit that strategy well.”
Noble acknowledged the program will not be a “balance sheet mover” but emphasized the value it creates in other ways. Rivermark expects to provide approximately 5,000 loans in the first year. The product will launch in mid-November.
The credit union pointed to results from another Salus client as a compelling indicator of what is possible. Among GFA Federal Credit Union’s microloan borrowers:
· Members took out additional loans at 2.5x the rate of other credit union members
· Microloan borrowers generated $1.65 million in additional loans
· Deposits grew 65% among microloan borrowers, including a 70% increase from millennials and 90% from Gen Z
· Members saved nearly $500,000 compared to what they would have paid using payday and other predatory lenders
“Rivermark sees what the most forward-thinking credit unions are beginning to understand: serving members in their moment of financial need is not a risk to manage away but an opportunity to build lasting relationships,” Salus Founder/CEO James Chemplavil said. “When a CDFI like Rivermark combines its financial coaching resources with instant, affordable microloan access, it creates something no fintech can replicate. We exist to help credit unions make members for life.”
About Rivermark Community Credit Union
Headquartered in Oregon City, Oregon, Rivermark Community Credit Union is a $3.2 billion credit union offering products, services, and solutions that enable more than 180,000 members in Oregon and SW Washington to reach their financial goals. Through their community financial wellness programs, Rivermark works to alleviate financial barriers and offer innovative solutions to support their members through their financial journey. Find more at rivermarkcu.org.
About Salus
Salus is a leading fintech provider helping credit unions meet members, particularly Gen Z and millennials, where they are and make them members for life. The company leverages decades of experience in credit and technology to develop services that drive financial inclusion, including automated microloans, credit risk monitoring with predictive analytics, earned wage access and credit building through rent reporting. To learn more, visit www.SalusFintech.com or schedule a meeting with the team.
