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As part of a capital drive to open Minnesota's only Black-led de novo credit union, the Madison, Wis.-based CUNA Mutual Group recently announced it will offer a donation match, dollar-for-dollar of up to $250,000, for individuals and credit unions that make contributions through June 30 to support this initiative.
The Minnesota Credit Union Foundation partnered with the Association of Black Economic Power to raise $1 million in capital from the credit union community to support the establishment of Village Financial Credit Union. The ABEP is a nonprofit organization that was formed to create a state-chartered financial cooperative to address systemic financial challenges impacting Minneapolis residents, particularly people of color.
"CUNA Mutual Group believes brighter financial futures should be accessible to everyone. As a result, we are proud to provide this support and this match opportunity encourages those in our movement who have not provided a donation to do so now," Gerry Singleton, CUNA Mutual Group's vice president of credit union system relations, said.
Supporting this effort, he added, ties directly to CUNA Mutual's mission of building economic empowerment and financial security for everyone.
"I think what we need to understand is the area that Village Financial will serve is currently a financial desert, with the exception of an overabundance of payday lenders," ABEP Executive Director Debra Hurston said in a CU Times article in April. "And so a huge sweet spot for the credit union is providing services that don't put [members] in this never-ending cycle of debt."
The capital campaign was launched in February.
In April, Mark Cummins, president/CEO of the Minnesota Credit Union Network and the Minnesota Credit Union Foundation, reported the capital campaign was about halfway to reaching its goal thanks to contributions already made by Minnesota credit unions and individuals. In addition, Village Financial has secured $2.7 million in deposit commitments from credit unions in the North Star State.
"Credit union history and principles are rooted in serving the underserved and cooperation among cooperatives," Cummins said. "The credit union movement's support will not only help the community members of Minneapolis, but it will also help to shine a light on how our cooperative model can be a solution for change across the country."
Those interested in making donations can visit www.mncun.org/villagefinancial.
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