Local Money, Local Impact: How Tucson Federal Credit Union Is Investing in Community
What happens when a credit union has been rooted in the same community since 1937 — and still considers itself just getting started?
In the latest episode of the Arizona’s Credit Unions Podcast, Local First Arizona's Thomas Barr sits down with Tucson Federal Credit Union President and CEO Matthew Gaspari and Vice President of Business Services Shaima Namazifard to talk about what local banking looks like in practice — from expanding access to business capital to keeping financial decisions rooted in the communities they affect.
Their conversation is also a reminder that choosing local isn't only about where we shop or eat.
Where we keep our money matters, too.
Here are a few ideas from the conversation that stuck with us.
When the decision-makers are local
Access to capital remains one of the biggest challenges facing local businesses. For TFCU, expanding its commercial lending program was an opportunity to help fill that gap.
But Gaspari and Namazifard describe local lending as more than making loans. It's about understanding the business and the people behind the numbers — and having decision-makers close enough to look beyond a standard formula when circumstances call for it.
The episode includes several examples.
TFCU helped Buck's Automotive restructure its finances in a way that saved the business approximately $70,000 in its first year.
In another case, the team worked with a business owner and the owner's CPA after taking a deeper look at financial records revealed a significantly different financial picture than the initial application showed.
That kind of work can require phone calls, additional documentation and sometimes simply more time than a conventional application process allows.
The same principle extends to nonprofit organizations. When an organization doing important work in the community doesn't fit neatly within standard lending metrics, a locally based institution has another advantage: The people with authority to consider the circumstances are nearby.
For TFCU, that's part of what local decision-making means.
Stronger together
TFCU is also part of a growing collaboration among Arizona-headquartered credit unions working together to strengthen their collective impact.
Tucson Welcome Home
The collaborative mortgage program offers eligible first-time homebuyers up to 100% financing with no down payment or private mortgage insurance.
The program is designed for qualifying buyers earning up to 140% of area median income.
The Coalition of Arizona Credit Unions brings institutions that might ordinarily be viewed as competitors together around shared priorities affecting Arizona communities.
Gaspari describes them as "sibling rivals": They may compete, but they also recognize that collaboration can make all of them stronger.
That philosophy has created opportunities to work collectively on issues that extend beyond any single financial institution.
One example is Tucson Welcome Home, a collaborative mortgage program designed to address one of the biggest barriers facing first-time homebuyers: the upfront cost of purchasing a home.
The program reflects a larger idea running throughout the podcast: Local institutions don't have to solve community challenges alone.
Investing in what makes a community work
That thinking doesn't stop with financial products.
The conversation also turns to what happens when community resources disappear — including funding for opportunities children and families once took for granted.
TFCU is exploring how it can help fill some of those gaps, including access to arts and music education.
It's another way of looking at what it means to invest locally.
A strong local economy isn't created by businesses or financial institutions operating independently. It depends on healthy communities, opportunities for families and young people, thriving local businesses and institutions willing to invest in the places they call home.
As one local business owner quoted during the episode put it:
"If we want this to happen, we're gonna have to make it happen."
That spirit runs throughout the conversation — not waiting for someone else to solve a problem, but asking what resources already exist within a community and what becomes possible when people and institutions put them to work together.
In this episode
Matthew Gaspari
President and CEO, Tucson Federal Credit Union
Gaspari has spent more than 30 years with TFCU, with a focus on operational excellence, financial education and strategic partnerships supporting Southern Arizona.
Shaima Namazifard
Vice President of Business Services, Tucson Federal Credit Union
Namazifard leads TFCU's Business Services Department, working with businesses and organizations throughout the Tucson community.
Thomas Barr
Vice President of Strategic Initiatives, Local First Arizona
Barr leads strategic initiatives focused on strengthening Arizona's locally owned businesses and locally driven economy.
Put your money to work locally
Being a Localist isn't just about where you spend your dollars. It's also about where you deposit them.
Locally headquartered credit unions keep financial resources, relationships and decision-making connected to Arizona communities — helping individuals, businesses and organizations invest in their own futures.
Explore Arizona's locally headquartered credit unions and find one that fits your needs. azcreditunions.com
Find our state's best locally owned businesses at localfirstaz.com