“Move our Money Black Chicago”: A grassroots financial program builds wealth in Black communities

By Yinxgu Jane Hao

(Featured image: The South Side Community Federal Credit Union is a not-for-profit, federally chartered community development credit union. One of its missions is to economically empower the Black community. Yingxu Jane Hao/SJNN)

Pay day loans with exorbitant interest rates, red-lining and other predatory and discriminatory lending programs have long been targeted at African American communities. But Black leaders are trying to change that, with a campaign calling for residents to move their money into Black-owned financial institutions. The South Side Community Federal Credit Union, a member-owned non-profit, is among the organizations on board. Listen to the rest of the story here…

[soundcloud url=”https://api.soundcloud.com/tracks/279701325″ params=”auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&visual=true” width=”100%” height=”450″ iframe=”true” /]

IMG_4466
Around 100 people opened accounts at the South Side Community Federal Credit Union on the first “Move Our Money Black Chicago” event. (Yingxu Jane Hao/SJNN)
IMG_4467
The South Side Community Federal Credit Union is the only Black-owned credit union in Chicago. It serves a membership base of 2,000 after opening its doors in November,2003. (Yingxu Jane Hao/SJNN)

Yingxu Jane Hao is a graduate student at the Medill School of Journalism. Follow Yingxu on Twitter @Jane_YingxuHao.

 

 

 

 

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *