WASHINGTON–The U.S. Women's Chamber of Commerce said it is establishing a national federal credit union to provide access to capital, ensure fair lending practices and deliver low-cost business and savings solutions to members all across the United States.
"The U.S. Women's Chamber of Commerce Seed Federal Credit Union is a game changer for women and small businesses," said Margot Dorfman, CEO of the U.S. Women's Chamber of Commerce, in a released statement. "After decades of challenges in securing fair access to capital and being targeted by predatory lending practices, women are now in the driver's seat to control and operate our own national financial institution. Through our national federal credit union, women lead on the inside of the financial and lending system rather than standing on the outside looking in."
Noting that credit unions were the first financial institutions to lend to women in their own names, the U.S. Women's Chamber of Commerce said it is “extending and deepening that legacy by taking ownership of our financial future, driving the new women-led economy and opening the doors to greater financial opportunities for women and small businesses.”
According to the Chamber, access to capital is consistently ranked among women business owners' greatest challenges in growing and elevating their businesses.
“Not only the amount of capital, but also the composition and cost of capital is holding women's businesses back from realizing their full economic potential,” The USWCC said. “America's failure to assure women business owners are achieving maximum potential is not only impacting women and their families; this failure is robbing our economy of trillions of dollars in failed economic output and millions of lost jobs each year.”
Backer said the credit union will offer savings and loan products specifically tailored to the needs of women and business owners.
"Credit unions are member owned. We call upon women and supporters all across the United States to step up and be part of history; be a game changer for women," Becker said.
The U.S. Women's Chamber of Commerce said it will be making a series of announcements over the coming months as the foundational steps are completed for the Seed Federal Credit Union.
The USWCC has more than 500,000 members.