YOUNGSTOWN, Ohio—The Community of Faith Collaborative Union is working to bring another credit union to this town.
The group, which partners with businesses and churches to bring financial services to underbanked areas, hopes to form a new credit union. CFCU needs to raise $150,000 in order to apply for $1.5 million in non-member deposits from existing credit unions, which would then provide the credit union with the necessary capital to move forward. The commerce department and the Ohio Credit Union League set the mark as a buy-in to reach credit union status, WFMJ reported.
Covelli Enterprises donated $25,000 to help the group. Right now, the organization has collected $75,000. When enough money is raised, the organization could go to the state and ask for a charter to set up the credit union.
“We have an address, we have a phone number, and we have a name on every dollar. We are confident by July 1, we will have $150,000 at least, if not more,” CFCU’s Reverend Henry McNeil told WKBN 27.
The low-income designated credit union would provide financial services to an underserved area of Youngstown. The name for the CU has not been disclosed.