project leader
Alpha D
location
928 Intervale Ave
(bronx)
latest update rss
No updates yet.

the project

To charter the first and only African-led credit union in the United States: Pan-African Federal Credit Union (“Pan-African FCU”) is a low-income designated credit union, a community development financial institution dedicated to serving the African immigrant population and building the economic revitalization of the Bronx. While Pan-African FCU was designed with the African diaspora in mind, it will serve anyone who lives, works, studies and/or worships in our designated area.

Our field of membership proposal was approved by the National Credit Union Administration (NCUA), which demonstrated the structural financial needs for banking services in our neighborhoods. We will be catering to a very densely populated area of the Bronx with an estimated population of 744,000, whose residents are 96% low or moderate income and 98% Non-White (American Community Survey Median Family Income Listing, 2011.) 

The unbanked are severely restricted in their ability to generate wealth. The Bronx is home to the largest concentration of African immigrants in the entire United States, amounting to over 60,000 residents (U.S. Census Bureau, 2010). The Bronx is also the poorest and most unbanked county in New York State.  

Pan-African FCU would create the conditions for economic development and growth by providing small business loans to promote entrepreneurship, which in turn would generate employment and encourage local spending that would create a stable economic environment and local ownership of the economy. Issuing credit would be only a small part of our operation. Pan-African FCU would offer a range of services, such as savings, insurance, and remittances (which is a vital need for many African immigrants).

Our vision is to establish self-reliant, financially secure communities by reorienting the ownership of local resources. As a member-owned institution, a credit union would facilitate the transfer of power, control and ownership of wealth to the community, while safeguarding its members from subprime services, usurious interest rates and high fees and protect resources from flowing out.

We completed a random membership survey of about 500 people to assess the needs, interest and viability of the Pan-African Federal Credit Union. While conducting the survey we acquired more than 385 prospective members. 

The primary goal for this project is to obtain our charter by the end of 2017 and begin operations in April 2018, with a prospective membership of at least 500 people and 25 businesses. We must procure a minimum of $300,000 in pledges for the initial start-up costs, a requisite from NCUA. 

The Pan-African Federal Credit Union will provide financial services and literacy to the community to help keep monies in the community, and away from institutions that use predatory practices in our neighborhoods and ship out the profits; while offering a safe, sound and democratic alternative to traditional banks in a multicultural and multilingual environment.

the steps

  • Launch campaign on 05/20/2017
  • Start calling network on 05/23/2017
  • Begin sending emails on 05/18/2017
  • Publicise campain on social media by August 3rd
  • Organize launching event on August 24th at Alpha's home.
  • Team members' organizing house parties, culminating a huge park barbecue and celebration in September.

why we're doing it

Pan-African FCU is predicated on the notion that when provided with low-cost credit precisely where it is most needed, marginalized communities can become self-reliant. They would be afforded the opportunity to participate in their own economic well-being, while having a stake in the ownership of wealth and shifting the balance of power to the local community.

budget

Credit Union start up costs - $300,000
Programs - $185,403
Subtotal = 485,403
ioby Platform Fee $35
ioby Donation Processing Fee (3%) $14,562
Total to raise = $500,000

updates

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photos

This is where photos will go once we build flickr integration

donors

  • Jennifer Allen
  • Jennifer Allen
  • Jennifer Allen
  • Anonymous