The Minnesota Credit Union Foundation is seeking to raise $1 million in capital from the credit union community to support the establishment of Village Financial Credit Union, a Black-led de novo credit union. CUNA Mutual Group recently announced it will be offering a donation match – dollar for dollar up to $250,000 – for individuals and credit unions who donate now through June 30.
“CUNA Mutual Group believes brighter financial futures should be accessible to everyone. As a result, we are proud to provide this support and hope this match opportunity encourages those in our movement who have not provided a donation to do so now,” said Gerry Singleton, vice president of credit union system relations. “Supporting this effort aligns with who CUNA Mutual Group is an organization and ties directly to our mission of building economic empowerment and financial security for everyone.”
The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. ABEP is currently raising capital for post-opening operating expenses for Village Financial Credit Union.
“Establishing the only Black-led, cooperative credit union in Minnesota is an opportunity to effect positive change, empower growth and economic stability, while directly addressing the core cause of systemic poverty on a variety of levels,” said Debra Hurston, Executive Director Association for Black Economic Power. “Thank you to CUNA Mutual Group for this support. We are thrilled to be a part of the cooperative movement and are excited to see this initiative get another step closer to fruition.”
“Credit union history and principles are rooted in serving the underserved and cooperation among cooperatives,” said Mark Cummins, president of the Minnesota Credit Union Network, and the Minnesota Credit Union Foundation. “The credit union movement’s support will not only help the community members of Minneapolis, but it will also help to shine a light on how our cooperative model can be a solution for change across the country.”
Capital Donations, Individual Contributions, and Deposit Pledges are currently being sought to support this effort. To learn more and make a donation, visit mncun.org/villagefinancial.