New Credit Union Part of California Fund’s Economic Empowerment Plan
The United Economic Development Fund Inc. has announced a three-year empowerment plan that includes the creation of a credit union and expanding beyond its California base.
Structured under the laws of the State of California, the 501(c)(3) non-profit organization based in Altadena said its empowerment plan has a primary mission to foster economic growth through a revenue-sharing system.
The UEDF said it will form alliances with individuals and businesses in an effort to formulate policies for leaders who will strengthen communities and create pathways to financial freedom.
Funds will stabilize a financial resource base intended to create humanitarian programs, provide scholarships and educational training for youths, generate micro loans to existing entrepreneurs, and develop a networking environment capable of spurring business enterprises at the grass roots levels.
These programs are currently in the pipeline for production, according to the UEDF. As the organization continues to expand, it said it plans to continuously recruit, train and empower leaders from diverse backgrounds.
Phase I will concentrate efforts on recruiting leaders who will advocate the organization's mission, philosophy and goals, the UEDF said.
Phase II will create monetary funds through its revenue sharing program to include forming a credit union, implementing a debit card system, and disbursing loans to business enterprises.
Phase III is the central phase of UEDF's framework, according to the fund. This stage determines the litmus test of how effective the infrastructure and internal operations of the organization have met its goals.
“No organization works without the genuine interest of its constituents. It is UEDF's intent to be the catalyst for change, and make a difference. The organization is committed to renewing growth in a slow-moving economy. A core membership base of individuals from the public, private and non-profit sectors will make up the fabric of its alliances. Let's make a difference and move forward with change,” the UEDF said.