DECAUTER, Tenn. — A group of manufacturers, industrialists and entrepreneurs is spearheading an effort to found a low-income, community chartered credit union in the sparsely populated Meigs County in Tennessee.
If it opens on time in July of this year, the Mid East Tennessee Community Credit Union will be the most recently chartered Tennessee credit union. It will start business designated as a low-income credit union serving the entire county, even though it was a few of the small county's employers who worked hard for the CU's charter.
"We had begun to observe that many of our employees would need to get payment advances from us from time to time," explained Jim Pitt, CEO of Polyform, Inc., a plastic manufacturing firm and a leading supporter of the credit union. "The county has two branch banks but their minimum loan amount is $3,000 and it's unclear that many of the folks who need the help would qualify for those anyway."
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