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Church credit union system focusing on payday advances makes progress

Jim is going that his company keeps readily available in money to Hope Credit Union, a black colored owned lender. Attempting to sell him on #BankingBlack ended up being simple; it are priced at absolutely absolutely nothing, holds no danger yet makes a huge difference.

This previous article discusses why there was a necessity; black-led nonprofits, organizations, and churches had been rejected the us government backed PPP loans by white led banks in Allentown PA, site of our pilot that is first healthier stability sheets and track documents. In Jackson, MS, where Hope runs, a professional 100 12 months HBCU that is old college Tougaloo university ended up being rejected a PPP loan by white led banks, but got the mortgage through Hope.

Jim really wants to perform some guarantees to give security when it comes to crisis customer loans which will run through Resurrected lifetime UCC Church in Allentown, our pilot node when you look at the community of congregational based credit union nodes.