ATLANTA -- Considered a first in Georgia, a proposed credit union that will market primarily to Hispanics, is moving closer to reality.
The proposed Georgia Family Credit Union has been in the works for two years when Paola Diaz-Torres, the organizer, secured seed money from an area non-profit micro finance group, the Atlanta Journal-Constitution reported. Diaz-Torres said she has raised nearly $700,000 but needs more financing. She recently met with state regulators to discuss the proposed credit union.
Georgia Family CU aims to serve the growing Hispanic population in the Atlanta-area and offer an alternative to payday lenders and check cashing stories. Hispanic immigrants tend to save and some have small businesses, said Yahnia Rodriguez, a former branch manager for Wachovia, who is working with Diaz-Torres. The credit union is planning to offer $500 micro loans, she said.
Diaz-Torres said they hope to have 1,500 members after three years. The credit union will also target low-income and multi-cultural populations.