TACOMA, Wash.–The U.S. Women’s Chamber of Commerce has released a Request for Proposal (RFP) as part of an effort to identify a credit union in the U.S. to serve its more than 500,000 members. The RFP is being overseen by CU Strategic Planning here; the USWCC is based in Washington, D.C.
“With a national membership, USWCC has flipped the traditional ‘credit union seeking SEGs’ model and is, instead, proactively seeking a credit union partner to address its women-owned small business issues recently revealed in the 2012 U.S. Census Survey of Business Owners,” CU Strategic Planning said. The search for the right credit union is being overseen by Mike Beall, the former president of the Missouri and DC/Maryland leagues who was served as president of the National Cooperative Business Association. Beall is now a senior consultant with CU Strategic Planning.
As CUToday.info previously reported here, the U.S. Women’s Chambers of Commerce in November of 2015 had said it planned to charter a credit union to serve its members’ needs. It is now seeking an established partner.
USWCC and CU Strategic Planning said the search to partner with a credit union parallels the recent release of the 2012 U.S. Census Survey of Business Owners, which shows women own 9.9 million small businesses nationwide, representing 35% of the total number of firms. “These businesses only generate 4% of the revenues, however,” the organizations said. “Approximately, 70% of women-owned firms have less than $25,000 in revenue and only 10% have paid employees. The census also shows average revenue is dropping, not growing between 2007-2012 time period.”
USWCC said it sees partnering with a not-for-profit credit union as a critical part of its efforts to address American business challenges for women and small business owners.
“We looked at the option of chartering a new credit union, and came to the conclusion that partnering with an existing credit union is a more dynamic way to build something together cooperatively, to meet the needs of our members and their businesses, now, today,” said Margot Dorfman, USWCC CEO and co-founder. “We aren’t looking for the largest credit union, we are looking for the right credit union with which to partner to build a portfolio of women’s and small business-friendly loans and services, and in return, drive our membership to this credit union. A win-win for everyone.”
Accordcing to the USWCC, it is seeking:
- A credit union with the strong desire to grow its products and services to existing members, as well as developing business services to meet the needs of USWCC’s women and small business owners.
- A credit union that wants to develop to the “next level” in asset size. The right credit union is likely between $20 million and $100 million in assets.
- A credit union with “buy-in” from the board and staff leadership to foster the partnership, along with a commitment to be flexible in governance and charter.
Credit unions that want to be considered need to respond no later than Feb. 15, 2016, to CU Strategic Planning Senior Consultant Mike Beall at mike@creditunionstrategicplanning with the subject: “USWCC Intent to Respond to RFP.”
In the body of the email include:
- Credit union name
- Charter number
- CEO
- Phone number
“This really is a unique opportunity for the right credit union, to transform its operations and provide existing and new members with a great benefit,” said CU Strategic Planning’s Founder Jamie Strayer (formerly Jamie Chase). “Interested credit unions should show a desire to be the credit union dedicated to serving the USWCC as well as existing members, should be flexible in expanding their field of membership, governance, and product offerings, and demonstrate ‘buy in’ to the concept of the RFP.”
Questions about the process, the request for proposal, and the opportunity to work with the U.S. Women’s Chamber of Commerce should be directed to CU Strategic Planning’s Mike Beall at mike@creditunionstrategicplanning.com. The U.S. Women’s Chamber of Commerce will not be taking questions or inquiries from individual credit unions or their representatives.