When Luis Pastor's wife came to Durham to earn her MBA from the Fuqua School of Business, Pastor tagged along.
"We came here because of Duke," Pastor said of his move from Spain in 2000.
But since arriving in Durham, his relationship with the University has expanded into his professional life as well.
As CEO of the Latino Community Credit Union-which is stationed in Durham but has offices located throughout the region-Pastor has worked, with the help of Duke, to expand the LCCU into one of the fastest growing credit unions in the country.
"Duke has been a great supporter of the credit union since we began," Pastor said. "When we were no more than a dream, they made a $400,000 deposit to us."
Last week, Duke continued its commitment by pledging to deposit up to $5 million in the organization over the next five years-the largest deposit the LCCU has ever received.
Pastor explained that the money Duke has pledged with the LCCU is not a grant or donation, but a deposit that will be given in million-dollar increments over the next five years.
The money from that deposit could provide funding for loans for as many as 50 mortgages or help approximately 200 people.
LCCU officials have said their organization fulfills an acute need in North Carolina-which has one of the fastest growing Hispanic populations in the country, according the the U.S. Census Bureau.
As of 2004, Hispanics comprised approximately 7 percent of the state's population, and the average Hispanic household earned $13,000 less than non-Hispanic households.
In six years, the LCCU has granted more than $30 million in loans to its borrowers-most of whom have no credit history when they receive their first loan from the credit union.
As one of the organization's first investors, Duke's financial support has enabled the implementation of a number of initiatives, including a home ownership program for new immigrants.
Duke's most recent pledge of $5 million will be similarly used to benefit low-income residents in Durham County.
The money will go toward funding loans that will help Latinos obtain homes or other large consumer purchases.
With low incomes and no credit histories, it is difficult for many immigrants to obtain the most necessary of purchases.
"It's very difficult to move around Durham without transportation... to take you to church, to school, to work," Pastor said, noting that many of the LCCU's clientele take out loans to buy a car.
President Richard Brodhead expressed his support of the program.
"I am proud of Duke's participation in launching this important enterprise and am very pleased that we can provide this additional support to ensure that Latinos in Durham can enjoy the many benefits of home ownership," he said in a statement.
Pastor said that as the largest employer in Durham County, Duke has a particular interest in the credit union because its services affect a significant number of the University's employees.
More than half of Duke's employees live locally, and the recent deposit will be used specifically to help the county's residents.
"We are serving a community that has a huge need here in the Durham region," Pastor said. "Duke is the major employer in the county, so obviously employees from Duke are going to receive benefits from that."
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