We are committed to the long-term development of the communities we serve, and we’d like to keep you informed about our progress. Check up on this page to see what we're up to on a weekly basis. Hopefully, one day we’ll have the chance to work together to unleash the potential New York City’s underserved neighborhoods.
//. July 26 - August 2
This week we decided to drop our microfinance arm, a significant strategic change. We feel that at the moment there is no clear case of need for a loan fund, and that our capacity as a loan fund is overlapped by credit unions - especially when programs like CAP exist to incentivize credit unions to lend more. In short, we are now wholly focused on helping credit unions transition to the exigencies of the 21st century.
We’ve also decided to host our first run-through of the C-Lab (our three-day entrepreneurship workshop) from November 15-17th. This will give us more time to prepare the event, which will now coincide with National Entrepreneur Day.
We continue to move further in our formation as a 501 (c)(3) status corporation. We met with our pro-bono legal counsel on Wednesday to outline the process and procedure. We've subsequently completed our By-Laws and have begun work on our 1023 form.
//. July 22 - July 26
Tomorrow (the 27th) we'll be presenting at the monthly We Care 4 Credit Union summit at Wilson Major Morris Community Center in Harlem.
On Wednesday, the Foundry team gave us the opportunity to sit in at their meeting with BNP-Paribas, a large french investment bank. Paribas brought a group of their young employees who expressed an interest in volunteering at small credit unions. We think this could be a pretty sweet opportunity for bankers to give back where their skillsets are applicable, and "micro" credit unions would benefit tremendously from the expertise.
On Tuesday, we finished up the Excel training that we have been doing at Bethex Federal Credit Union in the Bronx.
ONGOING: A few weeks ago we made an indiegogo campaign to get a computer and an ACH (Automated Clearing House) system for Roy Henry, who’s been volunteering his time to run Good Counsel Federal Credit Union out in Bed-Stuyvesant for 47 years. It'd be a real shame to see Good Counsel go, so please take a second to check out how you can help!