Fresno, Calif., has a new community development credit union in its future if plans drawn up by the Fresno Economic Opportunities Commission come to pass.
The EOC already operates a community development financial institution that offers small business loans in conjunction with area banks, but the Fresno Business Journal reports that the commission wants a financial institution that can better serve the needs of lower income residents of the region.
Nalia Salam, chief financial officer at the EOC, told the newspaper that the new credit union planned to offer low interest loans to compete with predatory payday lenders as well as checking accounts, savings accounts, auto loans and small business loans deemed too small for the CDFI.
Access to the new CDCU would be through one branch and area ATMs as well as possible kiosk in an area supermarket.
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