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 from the credit union community.
“Establishing the only Black-led, cooperative credit union in Minneapolis 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. “The original organizers were very passionate about having a community led credit union that would directly respond to the community wealth gap.
Also, having the credit union owned and operated by the community provides a huge source of pride and independence for the members.”
Credit union history and principles are rooted in serving the underserved and cooperation among cooperatives. Please consider contributing to this effort. To learn more, visit mncun.org/villagefinancial or contact Minnesota Credit Union Foundation President Mark Cummins or Executive Director Andrea Molnau.
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