WASHINGTON (11/23/15)--The U.S. Women’s Chamber of Commerce announced last week that it intends to establish a national federal credit union to provide access to capital, ensure fair lending practices, and deliver low cost business and savings solutions to members nationwide.
In the release announcing the plan, the chamber said credit unions have a “unique and rich history for women,” and that this credit union will deepen that legacy by taking ownership of the financial future of women, and by driving the new women-led economy to open doors and provide greater financial opportunities for women and small businesses.
The credit union will be called U.S. Women’s Chamber of Commerce Seed FCU.
“(This) is a game changer for women and small businesses,” 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 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.”
Access to capital remains one of the largest challenges women face in terms of growing their businesses, the chamber said. Furthermore, failing to equip women business owners with the financing they need not only hinders women and their families, but it also costs the overall economy trillions of dollars in failed economic output and job losses.
Dorfman said the credit union will empower the chamber to leverage the economic strength of women, the government and private sector grant opportunities to offer affordable loans to businesses, teach women to properly handle the capitalization of their businesses and develop savings and loan products tailored to the need of women and business owners.
The credit union also will put women in a position for other financial activities, such as savings, education, mortgages, car loans and retirement planning.
“Credit unions are member owned,” Dorfman said. “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.”