Overview

Given the historical economic disenfranchisement of people of African descent in the United States, a truly transformative and empowering solution is needed.  APPEAL Incorporated is creating the first national Black credit union, a nationwide cooperatively Black-owned financial institution.  By utilizing the unique structure of a credit union, members/owners will be provided with a safe place to bank, whose primary goal is the financial well-being and economic empowerment of communities of African descent.

What We Need

We are in the process of chartering a fully regulated and insured federal credit union through the National Credit Union Administration (NCUA). The NCUA requires a minimum of $300,000  in start-up capital for credit union operations.  We have already raised approximately $150,000 of the total through various fundraising activities and our previous crowdfunding campaign.  The aim of this follow-up campaign is to get us the rest of the way; we are half way there!  Raising the start-up funds is a critical step to receiving a charter; this and the necessary subsequent tasks are captured in the following infographic.

The Impact

APPEAL Inc. recognizes that a lack of economic empowerment leaves the Black community more vulnerable to injustices such as insufficient security, unsafe housing, deficient healthcare, inadequate educational opportunities, food deserts, and more.

We are raising funds to start the first Black national credit union, which will be available nationwide to the Black community.  This is critical to facilitate recycling dollars in the Black community and provide better access to capital for entrepreneurship. This credit union will foster Black self-determination; creating jobs, equipping the community to be the primary beneficiaries of their economic engine, and reducing excess capital drainage outside the community;  all while being accountable to the community.

Risks & Challenges

The chartering process through the NCUA is a multi-step endeavor with many hurdles to jump.  However, the checkpoints and guards provided by this US government agency serve to prevent the formation of federal credit unions by unsavory characters.  Throughout the chartering process, a group of vetted team members, called subscribers, have and will continue to keep their noses to the grindstone while moving forward step by step until this financial institution is a reality.  Securing capital is the most difficult part of the process, hence the creation of this crowdfunding campaign.

Other Ways You Can Help

Even if you are unable to contribute at this time, we hope that you see the value of what we are bringing into existence and its potential to do good.  Some other ways you can help are:

1. Share this campaign within your network to spread the word.  Whether through old fashioned word of mouth or using Indiegogo’s share tools to distribute on social media or through a link, we appreciate any efforts.
2. Become a member of APPEAL Inc and help us plan and organize.  You can become a member at appealinc.org.