Educating and Delivering Financial Services to Low-Income, Underserved Residents and Businesses
A Good Idea
Description
Faith Community United Credit Union is a financial cooperative owned by its members who live, work, and worship in Cuyahoga County, OH. It is a certified Community Development Financial Institution with a faith-based philosophy of "people helping people." It has been providing affordable financial services for the underserved community of southeast Cleveland for nearly fifty years.
Goal / Mission
The goal is to offer members of poor and underserved communities ownership in an established financial cooperative. By purchasing shares in the Faith Community United Credit Union (FCUCU), individuals gain access to services and learn the difference between using what belongs to someone else and owning their own institution.
Results / Accomplishments
FCUCU was started in 1952 by a handful of volunteers who had each saved 25 cents a week until they had accumulated enough money to obtain a State Charter; it was staffed by volunteers and open only one day a week. In 2002, FCUCU celebrated its 50th anniversary with over 5000 members, $8 million in assets, five paid staff members, two AmeriCorps*VISTA members, and 50 other volunteers. It is open five and a half days a week with ATM access and offers both debit and credit cards.
About this Promising Practice
Organization(s)
Faith Community United Credit Union
Primary Contact
Rita L. Haynes
Faith Community United Credit Union
(216) 271-7111, ext. 11
Ritalh@prodigy.net
http://www.faithcommcu.com/
Faith Community United Credit Union
(216) 271-7111, ext. 11
Ritalh@prodigy.net
http://www.faithcommcu.com/
Topics
Economy / Investment & Personal Finance
Community / Community & Business Resources
Community / Community & Business Resources
Organization(s)
Faith Community United Credit Union
Source
Corporation for National and Community Service
Date of publication
8/31/2001
Location
Cuyahoga County, OH
Target Audience
Families