WASHINGTON–After reviewing proposals submitted by credit unions across the U.S., the U.S. Women’s Chamber of Commerce said it has selected a partner to assist it in rolling out financial services to its members.
The USWC said it will partner with the $39-million Somerville Municipal FCU in Somerville, Mass., as its “foundational credit union partner to support the birth of Seed Federal Credit Union, which will serve the financial and business needs of USWCC members nationally.”
“Seventy-five years ago the founders of the Somerville Municipal Federal Credit Union made the bold move to form a credit union for those municipal employees who did not otherwise have access to financial services in the city,” the USWCC said in a statement. “Now their leaders have acted with that same vision and boldness to partner with the U.S. Women’s Chamber of Commerce to confront a similar opportunity to not only better their local community but enrich the lives of countless others throughout our nation.”
In early July the U.S. Women’s Chamber of Commerce was added to the SMFCU’s field of membership. The SMFCU board has now nominated six Chamber leaders to join the board so as to help govern the start-up credit union.
“Our strategic credit union partnership is a game changer for women and all small business,” said Margot Dorfman, CEO of the U.S. Women’s Chamber of Commerce. “After decades of challenges in securing fair access to capital and being targets of predatory lending practices, women and small business owners are now in a totally new and powerful position as owners and shareholders of a national financial institution. This deeply strategic, trailblazing advancement into ownership changes everything: focusing our financial clout and elevating women and all small business owners to a level of power and influence never held before.”
Eligible USWCC members can join the credit union with a deposit of $25. More info on the credit union can be found here.
As CUToday.info reported here, in November, 2015, the U.S. Women's Chamber of Commerce announced it would be forming Seed FCU and was seeking a credit union with which to partner.
The USWCC has more than 500,000 members.