Just as it might feel in the beginning stages of any business, making a large investment of time and money to launch a new credit union can seem like a gamble for everyone involved. The founders of these five newbies have made it past that initial nerve-wracking period and are now watching their babies slowly grow, while continuing to work toward their goals for the institution. Click through the slideshow to read the stories of five credit unions chartered in the past five years.
ERDA Federal Credit Union ($700,000, Long Island City, N.Y.)
The East River Development Alliance, a non-profit organization in Long Island City, N.Y., created ERDA FCU opened in 2010 to serve low-income individuals living in Queens Districts 1 and 2 in New York City. The founder and president of both the credit union and ERDA, Bishop Mitchell G. Taylor, said ERDA FCU helps fulfill four key needs of these underserved Queens communities: employment services, financial education and counseling, access to a college education and community economic revitalization.
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