Black-Owned Credit Union Coming To North Minneapolis


THE DREAM OF A BLACK OWNED CREDIT UNION IN NORTH MINNEAPOLIS IS CLOSE TO BECOMING A REALITY. THE ASSOCIATION OF BLACK ECONOMIC POWER IS BEHIND THE MOVEMENT THAT HAS CITY LEADERS PLEDGING MONEY TO HELP. THE COMMUNITY DEVELOPMENT FINANCIAL COOPERATIVE IS CALLED VILLAGE, BUILDING TRUST WITHIN THE COMMUNITY. AS REG CHAPMAN REPORTS, VILLAGE IS ALREADY HELPING THOSE WHO HAVE PLEDGED TO BE A PART OF THE COOPERATIVE. Reporter: THIS SMALL SPACE ON COLFAX AVENUE IN NORTH MINNEAPOLIS IS POISED TO BRING ABOUT BIG CHANGE TO A COMMUNITY LOOKING FOR ECONOMIC EMPOWERMENT. THIS WORK ACTUALLY CAME OUT OF THE COMMUNITY VOICE IN A MEETING WE HAD ON THE NORTH SIDE RIGHT OFF BROADWAY A WEEK AFTER PHILANDO CASTILE WAS KILLED. Reporter: CONNOLLY, DIRECTOR OF THE ASSOCIATION OF BLACK ECONOMIC POWER, SAYS IT WAS THE COMMUNITY THAT DECIDED A BLACK-LED FINANCIAL INSTITUTION WAS THE BEST WAY TO ADDRESS RACIAL DISPARITIES. WE’VE BEEN UNAPOLOGETIC ABOUT MAKING SURE THE FOLKS WHO HAVE BEEN CARRYING THE BURDEN OF RACIALLY CHARGED OPPRESSION IN THE FINANCIAL SECTOR ARE IN THE POSITION OF MAKING DECISIONS AND LEADING IN THIS INSTITUTION, THAT THIS ISN’T A PARACHUTE MODEL OF SOMEONE COMING IN FROM THE OUTSIDE OF THE COMMUNITY AND DICTATING WHAT SOLUTIONS NEED TO BE MADE. Reporter: CONNOLLY IS PLEASED THE MAYOR ALLOCATED $500,000 IN THE CITY BUDGET TO INVEST IN THE COOPERATIVE. NORTH SIDE RESIDENTS ARE DOING THEIR PART AS WELL. AT THE END OF 2017, 1100 PEOPLE PLEDGED THEIR SUPPORT. SO FAR VILLAGE HAS $3.4 MILLION IN PLEDGED DEPOSITS. OWNING A HOME, PURCHASING A CAR, GOING TO SCHOOL, TAKING OUT PERSONAL LOANS TO ACHIEVE WHATEVER GOAL IT MIGHT BE, WE WANT TO PARTNER WITH FOLKS, ESPECIALLY THOSE IN THE NORTH SIDE AND BLACK COMMUNITY TO MAKE SURE THAT THEY HAVE SOMEONE ON THEIR SIDE. Reporter: VILLAGE IS WAITING FOR THE CREDIT UNION’S CHARTER AND INSURANCE TO BE IMPROVED. BUT IT’S ALREADY HELPING THE COMMUNITY. WE’VE DEVELOPED AN ALTERNATIVE CALLED THE NEW DAY LOAN. Reporter: VILLAGE IS ALSO DOING AFFORDABLE CHECK CASHING UNTIL IT OFFICIALLY OPENED IN 2019. REG CHAPMAN, WCCO 4 NEWS. CONNOLLY SAYS THE FOUNDATION OF SERVICES IS ALL ABOUT RELATIONSHIPS AND BEING WITH A

2 comments on “Black-Owned Credit Union Coming To North Minneapolis”

  1. KLOLWTF says:

    Do they do business with White people?

  2. gingergargoyle says:

    I thought we were supposed to past the color of ones skin?? This is a SAD and totally race based story

Leave a Reply

Your email address will not be published. Required fields are marked *