NORTH MINNEAPOLIS, Minn.–A small group of people here is getting closer to chartering what would be this state’s only black-led credit union. With a goal of launching by 2018, backers say they have now selected a name and are in the process of encouraging people to become initial members.
Me’Lea Connelly, a private security firm manager who has become a social activist, has been leading the effort to get the proposed Village Trust Financial Cooperative off the ground. It has already selected an office location here, and the Association for Black Economic Empowerment is in the process of applying for a federal credit union charter.
At a kick-off event here, organizers began their effort to get at least 5,000 people to pledge to become members.
"Pledging means when we're up and running, you say you'll move your account or all of your accounts to our credit union,” Connelly told local media. "Giving us your information now is critical so we can get our federal charter.… [They are] going to want to know how many deposits we can expect to have, and so the community support, filling out the pledges, is how we are able to measure that."
The goal, said Connelly, is to have between $5 million and $20 million at launch.
"You cannot throw a rock in any direction and not hit a predatory lender in north Minneapolis," Connelly told local media. "What this does is take away what's being thrust upon the most vulnerable members of our community and give them equitable products and services that will actually help them."