North Side Community Credit Union was founded in 1974 byactivist Angela Turley, who was appalled by redlining and a lack offinancial services for women.

At the $9 million Chicago cooperative, activism remains a strong tradition – itled to the development of a gender affirming procedures loanpackage product, which is believed to be the first of its kindoffered by a financial institution in the nation. It was created bythe credit union’s accounting specialist, Lee Dewey, an LGBTactivist.

“We were kind of founded on activism,” Sarah Marshall,president/CEO of North Side Community, said. “We have a boardmember who is pretty active in the LGBT community and has done a lot of legal work in thecommunity. We also have another member on our supervisory committeewho teaches gender studies so the (general affirming loan product)was not an issue.”

Over the years, the 3,255-member credit union has receivednumerous awards for its community advocacy, neighborhooddevelopment, community partnerships and volunteer services. It’salso been featured in local and national articles as an exemplaryfinancial institution that offers short-term loans as analternative to payday lenders.

For North SideCommunity, providing a specialty loan product, launched earlierthis year, for transgender, queer or questioning people was anotherway to fulfill its mission of promoting the financial well-being ofa diverse community through affordable financial services and anexpansion of the availability of alternative financialresources.

The GAP LP, as they call it in the shop, can be used to financeexpenses such as medical surgeries, procedures, voice lessons and anew wardrobe.

But Dewey, who is genderqueer, said the new loan package doesmore than just provide financing for a specific group of memberswho are transgender, genderqueer or gender fluid individuals.

“This is really about addressing the financial insecurity andthe marginalization of queer and trans folks, especially as itrelates to people of color, and people that are underbanked orunbankable,” he said. “So that’s really what I wanted to address –the financial insecurity that is seen in my community and that’salso seen in the communities that we serve here.”

To learn more about this new loan product, read the fullstory in the June 29, 2016 print edition of Credit UnionTimes.