Capital donations; Deposit Pledges; and Individual Contributions Sought to Support Village Financial Credit Union

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.
 
As the philanthropic arm of the Minnesota Credit Union movement -  the MnCU Foundation has established a special fund to receive donations from supporters for Village Financial Credit Union, and is seeking to raise $1 million in capital from the credit union community.
 
Contributions secured now will be highly catalytic for ABEP and Village Financial as they provide important grounding for the State charter application and NCUA application; evidence of traction as additional financial support from other sources are sought; and ensures operational sustainability during the first three years of opening. Here is how you can help:

• Credit Union or Organizational Capital Contributions: ​Organizations wishing to contribute are asked to complete a contributor agreement and make their donation by check or ACH. Donations will be held, and then released, to Village Financial Credit Union after regulatory approval to open has been received. In the event regulatory approval is not received, donations will be returned to contributors per the agreement. Contact MnCUF President Mark Cummins or Executive Director Andrea Molnau to learn more and make your donation.
• Individual Capital Contributions: ​Personal contributions are now being accepted online. MnCUF is a tax-exempt 501(c)(3) organization. For tax purposes, contributions may be tax-deductible. Donations will be held, and then released, to Village Financial Credit Union after regulatory approval to open has been received. Individual donations are non-returnable. In the event regulatory approval is not received, donations made by individuals will be transferred to MnCUF’s General Fund. 
• Deposit Pledge: Make your pledge today to deposit funds up to the $250,000 NCUA Insurance Limit at Village Financial Credit Union post-opening. Simply complete the online pledge form to secure your commitment.

 
More information about these options can be found online; or contact MnCUF President Mark Cummins or Executive Director Andrea Molnau  with questions.