CHICAGO—North Side Community FCU has introduced the Gender Affirming Procedures Loan Product (GAP LP), a program to assist transgender people.
The program, created by Lee Dewey, a transgender accounting manager at the $8.4-million North Side, assists in helping people cover expenses related to surgeries, procedures and anything else associated with their transition from one sex to the other. The CU explained the program would include covering costs of voice lessons and a new wardrobe.
Dewey told the Windy City Times that he's been aware of the “unmet demand for a product like this for some time." He added that he canvased the country looking for a similar CU loan program but could not find one.
A community development credit union, North Side’s mission is "to promote the financial well-being of our diverse community by providing affordable services and expanding the availability of alternative financial resources."
In announcing the GAP LP, North Side noted that they "strongly feel that providing the trans community with access to our services and developing a loan product package tailored to them is integral to our mission."
Dewey noted that due to North Side's history of inclusion they knew their idea to create this loan package would be embraced.
"Through my experience working for the credit union for the last two years and the knowledge of their ethically serving diverse groups of marginalized communities . . . I have come to trust their intent to responsibly, ethically and equitably serve the queer and trans communities,” Dewey told the Times.
GAP LP is made up of three levels—Starting Small, Build and Save and Signature Access. These levels are designed for those with poor or no credit to those with excellent credit. There is also the ability to sponsor someone under the program's Benefactor Secured loan.