Harborstone Credit Union and the University of Washington’s Foster School of Business have teamed up for a good cause. Their partnership will help grow small businesses in underserved communities. It will also provide internships and mentoring for students at UW.
“We are proud and excited to partner with UW,” stated Phil Jones, president and CEO of Harborstone Credit Union. “Not only does this partnership build on our commitment to support small businesses in traditionally underserved communities, but it also puts our employees shoulder to shoulder with students and small businesses, allowing everyone to learn, grow, and better serve the distinct needs of these members.”
Harborstone and Foster’s Consulting and Business Development Center have been in an informal partnership for three years. The program offers summer internships to UW undergrads who work with businesses owned by women, minorities, and veterans. Harborstone loan officers assist student interns to help these businesses apply for loans.
This new partnership formalizes and grows the partnership to include an annual CEO summit, CEO seminars, summer lending internships for two undergraduate students, and volunteer opportunities.
“We’re leading a national effort to engage business schools in working to grow businesses in underserved communities,” said Michael Verchot, director of the consulting and business development center. “This will be the first time that a business school partners with a credit union to not only help them develop growth strategies, but to also help them access the capital they need to grow.”