Faith-based credit union promotes black economic empowerment
Friendship-West Baptist Church (FWBC) acquired the former St. John Dallas Federal Credit Union, founded by the late civil rights activist and pastor Dr. EC Estell. For decades, the credit union was a major financial institution in the southern Dallas County community. The new brand Faith Cooperative Federal Credit Union (FCFCU) was established as a premier black-owned banking institution in the southern sector.
With a proven track record, FCFCU has been successful in providing banking opportunities to the community. Faith Cooperative Federal Credit Union also actively supports members who may need to establish an initial credit or replenish an existing credit.
In the face of the pandemic, millions of Americans have gradually returned to work. The slow recovery has left many black and brown families vulnerable to financial insecurity. Senior pastor and activist Dr. Frederick D. Haynes III, believes there is a way to create financial well-being.
“Many families live paycheck to paycheck, which can impact their payment history, ability to get credit, and get auto and home loans at great interest rates. FCFCU bridges the gap and helps provide economic opportunities for families.
Initially, Dr. Haynes envisioned the FCFCU offering low-value loans as an alternative to payday loans and car titles. At that time, the Freedom Loan was offered by the FCFCU to meet the needs of consumers looking for a small loan to help them during times of financial hardship without causing greater hardship. A small dollar loan, the Freedom Loan is still available today for FCFCU members to help them engage in traditional banking practices.
To learn more, visit the Faith Cooperative Federal Credit Union website.
Friendship-West Baptist Church has consistently supported black-owned businesses over the years. “Historically, black-owned businesses have served as an economic foundation for our communities. They were models of ownership, job creation and generational wealth creation, ”said Dr. Haynes.
Currently, FWBC is leading the charge to support black-owned businesses through the 100 Days of Buying Black movement. The 100 Days of Buying Black movement aims to perpetuate the legacy of Black Wall Street by circulating dollars within the black community to strengthen its economic base.
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“It is important that we join our black companies because they are the key to our collective economic power. They influence not only the supply chain, but also the types of goods and services sold and labor markets, ”said Dr Frederick D. Haynes III. On the occasion of the 100th commemoration of the Tulsa Race Massacre, the movement began on September 23 and ends on December 31. During the holiday season, FWBC will highlight black-owned businesses and networks with special showcases on Black Friday and Cyber Monday.
For more information, please visit BuyingBlack100 for valuable resources that encourage and support participation, including a business directory for consumers and a business directory form for business owners. Partners are also encouraged to join the 100 Days of Buying Black Facebook group to stay engaged and connected with the movement.