I just received notification from the National Credit Union Administration that we have just received our preliminary field of membership approval!
This is the first step in the credit union chartering process and a significant first hurdle! The application is a two step process, the preliminary application and the complete application including a comprehensive business plan. The next step is to continue to raise additional start up / deposit capital and put the finishing touches on our final application. Our goal is to submit the final application ASAP (by the end of the year if not sooner) and open the credit union in East Palo Alto into by mid 2007.
There are many more hurdles to jump - but this a a great step in furthering our dream of defeating systemic poverty in our community through a community development credit union and other community development projects.
If you want to know more or be part of the vision, please let me know! There is much to do! Thanks for your thoughts, support and prayers. Your support is making a huge difference.
Loving the San Francisco Bay Area... Community development, urban ministry, trying to defeat poverty, faith, religion, politics, good music, the quest for the perfect pizza, the Yankees, motorcycles... All in a 'day's life'