“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…

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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)
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.








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