By Ray Birch
MINNEAPOLIS, Minn.—When Arise Community Credit Union opens its doors on Juneteenth, it won’t just mark the beginning of a new financial institution—it will symbolize a long-awaited promise kept to the communities of North Minneapolis and beyond.
Born from the vision of the Association for Black Economic Power (ABEP), Arise is Minnesota’s first Black-led community credit union, and its opening on June 19 is deeply intentional. As Juneteenth commemorates the end of slavery in the United States, Arise steps into that legacy by addressing a different kind of systemic inequity—financial exclusion.
“It’s a big deal,” said Francis Odhiambo, CEO of Arise. “This initiative has been years in the making. It started with a groundswell from the community, inspired by the aftermath of the George Floyd unrest. That moment made clear what was missing—and what needed to be built.”
A Community Answer To Economic Injustice
Odhiambo explained the vision for Arise began in North Minneapolis, a predominantly African American neighborhood where traditional banks have a limited presence, but predatory lenders flourish.
“We’ve seen interest rates at 400% from payday lenders,” he said. “It’s devastating. People are being taken advantage of just because they don’t have access to the financial tools many others take for granted. That’s where we come in—to bridge that gap and bring people real, dignified choices.”
Arise has been built with the help of multiple local credit unions, churches, foundations, and grassroots pledges from community members—many of whom committed to becoming members even before the doors opened.
“People closest to the ground have already raised their hands,” said Odhiambo.
A Phased Strategy, Rooted In Stability
Arise will begin with core deposit products: savings, checking, and overdraft protection. Certificates of deposit and money market accounts will follow in July, with lending products—such as microloans, personal loans, and auto loans—rolling out after Labor Day.
“Our target market includes the unbanked and underbanked,” Odhiambo said. “These are people often overlooked or exploited. Our mission is to serve them with dignity and to meet them where they are.”
Importantly, Arise is pairing its financial offerings with financial literacy outreach, made possible in partnership with ABEP.
“Education is just as important as access,” Odhiambo emphasized. “We’re planning community events, workshops, and personalized support to help people navigate today’s financial landscape.”
Black-Led, But Open To All
While Arise is proudly Black-led—from its CEO to its board of directors and supervisory committee—Odhiambo is clear: the credit union is for everyone.
“There’s been a misconception that ‘Black-led’ means ‘Black-only.’ That’s not the case,” he said. “We serve anyone in the community, regardless of race. But being Black-led helps build trust in communities that have been historically underserved and overlooked.”
The launch staff will begin with a team of three, supported by volunteers and local credit union professionals who’ve offered to lend their expertise.
“This is truly a people-helping-people effort,” said Odhiambo. “That’s the essence of the credit union movement, and we’re proud to carry that torch forward.”
A Message To The Movement
Arise doesn’t just represent progress for North Minneapolis—it represents a call to action for the broader credit union industry, according to Odhiambo.
“What we’re doing here is an example,” said Odhiambo. “If we succeed—and we believe we will—then others will take notice. They’ll see the need, see the model, and maybe replicate it. We’re planting a seed, and if it grows, it will grow beyond just us.”
Odhiambo also emphasized the emotional and symbolic weight of launching on Juneteenth.
“It’s about freedom. Opportunity. Self-determination. That’s what Juneteenth means—and that’s what we’re about,” he said. “This is bigger than banking.”