MADISON, Wis.— Summit Credit Union said it has made a $2 million donation to launch The Center for Black Excellence and Culture in South Madison.
It is the first company to contribute to the multi-million-dollar effort and the largest gift in the history of the credit union founded in 1935, Summit said.
“This Black-led, Black-inspired and Black-designed center aims to create a space that uplifts the Black Community and Black-owned businesses, especially those run by women,” said President/CEO Kim Sponem. “The time is now for all of us to join the Black community to transform Madison from one of the worst cities for Blacks to live in, to one of the best.”
Sponem further said Summit Credit Union strongly supports the center’s unique blend of building Black wealth in its planned incubator and co-working spaces, and its art events and community services spaces, and that it has dedicated itself to the financial wellness of its members for 86 years and has been firmly focused on women’s financial empowerment for 12 years.
The Center is slated to open in 2023.
The $4.9-billion Summit CU has more than 221,000 members.