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IS FAITH ENOUGH FAITH COMMUNITY UNITED CREDIT UNION CLEVELAND, OH RITA L. HAYNES, CEO

What is a FAITH Based Credit Union?. Founded on principals of Faith-Substance of things hoped for, evidence of things not seen.Serve groups with some kind of common bond. May be single church or associationEncourage stewardship

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IS FAITH ENOUGH FAITH COMMUNITY UNITED CREDIT UNION CLEVELAND, OH RITA L. HAYNES, CEO

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    1. IS FAITH ENOUGH ? FAITH COMMUNITY UNITED CREDIT UNION – CLEVELAND, OH RITA L. HAYNES, CEO

    2. What is a FAITH Based Credit Union? Founded on principals of Faith-Substance of things hoped for, evidence of things not seen. Serve groups with some kind of common bond. May be single church or association Encourage stewardship & fulfill mission Reaches out to those in need by providing services Unite with others to achieve mission

    3. Possible Ways to Work Together to grow Funding for capacity building In-kind services (building space, materials, etc.) Staffing: for example, 501c(3) organization pays for staff person at the credit union Outreach, helping members Channeling tax-deductible donations to CUs Many other possibilities

    4. Faith Community United CU example Changed name December 1, 1991 Our most remarkable achievement was becoming self-sufficient within 1 year Occupied former bank branch, our community was “de-banked” 23 Churches joined the first year We now have over 6000 members and $10 MM in assets

    5. Faith Community United CU 2007 Our members are: 98.1% Afro-American, 1.9% White, 0.1% Other 60% Female 40% receive public assistance 50% over 60 years old 28% have HH income less than $10,000 p.a.

    6. Faith Community United CU Products Our Services Include: “GRACE” (Payday Loans Alternative) “AMAZING GRACE LINE OF CREDIT “CLEVELAND SAVES” SBA approved lender IDA’s INDIVIDUAL DEVELOPMENT ACCOUNTS (2 to 1 match) Other loans (real estate, education, small business, etc.)

    7. NFCDCU products Capitalization Program Deposit Program CDCU Mortgage Center Disaster Recover Program Americorps VISTA Program Technical Assistance

    8. Other’s we work with: National Federation CDCU (501c-3) WECO (501c-3) Foundations (Cleveland-Gund - CU) Chapter of Credit Unions Banks Many Churches and Religious Associations

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