Chartering A Credit Union
Donation protected
Who We Are?
The Greater Cleveland Cooperative Federal Credit Union (GCCFCU) is the accounting and financing partner in a 7-sector “Cooperative Framework” designed to “To promote thrift among its members and create a source of credit to its]Sponsors for community and economic development and other provident and productive purposes.” Credit Unions are designed to give banking access to low to medium income persons and communities. The GCCFCU is specifically designed to finance small businesses as a partner, as opposed to a mere creditor, we will accomplish this by basing our lending on advise from our community sponsors using proven economtrics for feasibility, sustainability and growth.
What We Are About?
GCCFCU is first and foremost, a COMMUNITY PARTNER. This means, that our lending decisions take into consideration the needs of the community expressed through its sponsor entities (NLEH, Inc.) as an “Advisory Board.” This deep integration with the community ensures that lending is needed, fair, directed, low cost and therefore less risky. The lessened risk will allow for less stringent underwriting, which expands the availability of funding, increasing scope and impact. Because we will be lending in several major industry sectors, we will maintain a diversified lending portfolio to reduce non-systemic risk. The individual businesses receiving loans will be strategically chosen and linked (based on supply-chain contractual patronage) as a self-sustaining economic infrastructure to reduce credit-default risk.
The Project and Milestones
The sponsors (NLEH, Inc. and AND Direct, LLC) have already received a “preliminary Approval ” from the National Credit Union Association for charter and has completed the business planning or feasibility assessment stage. At this point, we are fundraising to cover the costs of procuring a “brick and mortar” location in East Cleveland, Ohio. The costs of chartering the full service credit union, up to opening day are $148,960. Once we have the initial cost raised, we can move on to procuring the deposit commitments from community members and other sponsors. After all of these funds are committed in writing, we will submit the full application for the credit union charter.
The Request
Our sponsors and we are asking anyone that cares about community and economic development in low income communities, to help us build the cornerstone necessary for self-sustainability.
In order for us to pull ourselves up by our bootstraps, we first need boots!
The Greater Cleveland Cooperative Federal Credit Union (GCCFCU) is the accounting and financing partner in a 7-sector “Cooperative Framework” designed to “To promote thrift among its members and create a source of credit to its]Sponsors for community and economic development and other provident and productive purposes.” Credit Unions are designed to give banking access to low to medium income persons and communities. The GCCFCU is specifically designed to finance small businesses as a partner, as opposed to a mere creditor, we will accomplish this by basing our lending on advise from our community sponsors using proven economtrics for feasibility, sustainability and growth.
What We Are About?
GCCFCU is first and foremost, a COMMUNITY PARTNER. This means, that our lending decisions take into consideration the needs of the community expressed through its sponsor entities (NLEH, Inc.) as an “Advisory Board.” This deep integration with the community ensures that lending is needed, fair, directed, low cost and therefore less risky. The lessened risk will allow for less stringent underwriting, which expands the availability of funding, increasing scope and impact. Because we will be lending in several major industry sectors, we will maintain a diversified lending portfolio to reduce non-systemic risk. The individual businesses receiving loans will be strategically chosen and linked (based on supply-chain contractual patronage) as a self-sustaining economic infrastructure to reduce credit-default risk.
The Project and Milestones
The sponsors (NLEH, Inc. and AND Direct, LLC) have already received a “preliminary Approval ” from the National Credit Union Association for charter and has completed the business planning or feasibility assessment stage. At this point, we are fundraising to cover the costs of procuring a “brick and mortar” location in East Cleveland, Ohio. The costs of chartering the full service credit union, up to opening day are $148,960. Once we have the initial cost raised, we can move on to procuring the deposit commitments from community members and other sponsors. After all of these funds are committed in writing, we will submit the full application for the credit union charter.
The Request
Our sponsors and we are asking anyone that cares about community and economic development in low income communities, to help us build the cornerstone necessary for self-sustainability.
In order for us to pull ourselves up by our bootstraps, we first need boots!
Organizer
Arlin J. Wallace
Organizer
Cleveland, OH
