BATTLE CREEK, Mich. — Organizers are putting together a fundraising drive to raise money to use as capital to found a new federal credit union to serve underserved residents of Battle Creek, Mich.
According to a story in the local press, the organizers plan for the Inspire Community Federal Credit Union to be a community development credit union that will offer payday loan alternatives as well as a loan alternative to the rent-to-own arrangements, which are generally seen as much more expensive.
The organizers have about $140,000 in seed money from local foundations, chosen a board of directors, applied for a charter from NCUA, and investigated leasing space, an article in the Battle Creek Enquirer said.
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The $239 million Kellogg Community Federal Credit Union and the $190 million Omni Community Credit Union are supporting the effort, the article reported.
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