KALAMAZOO, Mich. Community Promise FCU, a new community development credit union chartered to serve residents of the low-income Edison Neighborhood, held a grand opening.
Community Promise, which is chartered to serve the city of Kalamazoo, will work with Kalamazoo Public Schools and Communities in Schools of Kalamazoo to teach basic money management skills at elementary schools.
The CDCU will offer credit-building loans (for up to $2,500 over a 12-month period); unsecured emergency loans of up to $2,500 for 12 to 24 months; short-terms loans for up to $1,000, to be repaid in six months; auto loans for up to $5,000, to be repaid in 24-, 30- or 36-month terms; and shared secured loans of up to $5,000 to be repaid in up to 60 months.
It also will offer check-cashing service (the cost is $3 without a compensating balance), and other standard banking services, such as providing money orders, notary public service and handling outgoing wire transfers.
It hopes to attract 35 new members each month, write at least a dozen loans each month, and eventually grow to have about 2,000 members.