Affinity Plus Donates Capital and Expertise to Start-up Village Financial Credit Union
ST. PAUL, MINN. (March 2, 2022) – Affinity Plus Federal Credit Union (Affinity Plus) is pleased to announce a $250,000 donation to Village Financial Credit Union. The donation comes as a way to help serve the underserved in North Minneapolis. In addition, Affinity Plus is one of several credit unions providing ongoing leadership and expertise for the new credit union to set up successful day-to-day operations.
“At Affinity Plus, we are committed to helping serve the underserved,” said Dave Larson, President and CEO, Affinity Plus Federal Credit Union. “We believe in coming together to help support Village Financial Credit Union, and know that this credit union will be a valuable asset to the community, improve their members’ financial well-being and upsurge financial inclusion in the Minneapolis area.”
Earlier this month, the Minnesota Credit Union Foundation announced a drive to support Village Financial Credit Union and encouraged donations from other credit unions and supporters. The goal is to raise $1 million in capital to support the credit union.
The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. ABEP is currently raising capital for post-opening operating expenses for Village Financial Credit Union, in which Affinity Plus donated $250,000.
“With many de novo credit unions, a sponsoring organization provides the financial backing needed to get the credit union up and running,” said Mark Cummins, President and CEO, Minnesota Credit Union Network. “Village Financial Credit Union was an idea born from the community as a solution to economic injustice. In this case, there isn’t any one sponsoring organization. Credit union history and principles are rooted in serving the underserved and cooperation among cooperatives. We applaud Affinity Plus Federal Credit Union for their financial support and leadership with this important initiative.”
As of the June 2021, there are 264 Black American credit unions across the nation, managing 7.5 billion in assets for 762,000 members. Village Financial Credit Union would be the only Black American credit union in Minnesota.
“ABEP is extremely grateful to have the capital and in-kind support of Affinity Plus and the Minnesota Credit Union Foundation,” said Debra Hurston, ABEP Executive Director.