NORTH MINNEAPOLIS, Minn.–Organizers of a Black-led credit union here are reporting they are now one-third of the way toward raising the funds needed to begin operating.
As CUToday.info has reported, the Association for Black Economic Power, a local nonprofit supporting Black communities in the Twin Cities, has been trying to open the credit union since it was founded in 2017.
The organization said it has raised $1.1 million of the $3 million it will need to open the doors of Arise Community Credit Union, and would be the state’s first Black-led credit union, according to the Minneapolis/St. Paul Business Journal. The financial institution was originally slated to open in the fourth quarter of 2022, but needs to raise the full $3 million to receive regulatory approval, the publication stated.
When it opens, Arise will “offer robust banking services in North Minneapolis, which is commonly known as a financial desert ripe with predatory high-interest loan and check-cashing businesses,” according to the Business Journal.
‘Critically Important’
"It's critically important on a number of fronts," ABEP Executive Director Debra Hurston told the Business Journal. "This is something that the community said they want ... to have a financial institution run by members of the community that represent their interests and understand their journey. To me, it's a source of pride."
ABEP partnered with Minneapolis-based creativity agency Superhuman to create a fundraising initiative that has raised the funds so far, the report stated.
More information on the credit union is available here.
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