Prosperity Credit Union in King County a National Model
At the recent Council of Foundations conference in Seattle, I had the opportunity to learn about an exciting new model for providing financial services to low income families and communities. Tricia McKay, Executive Director of the Medina Foundation in Seattle, is launching an exciting new venture called “Prosperity Credit Union”, specifically to serve low income families in King County (Seattle) in Washington.
Prosperity plans to offer:
· No-fee/no-minimum checking and savings
· Overdraft protection debit cards
· Flexible ID requirements
· “Payday like” loans
· Financial literacy training
· Wire transfers
· Respectful, culturally appropriate and convenient services
The business planning for Prosperity Credit Union has been rigorous, involving in depth market research. The findings signify real demand for their proposed services – 78% of community residents surveyed indicated an interest in a credit union designed to meet their needs.
By the end of 5 years, Prosperity intends to have assets of approximately $13 million, with 3,500 – 5,000 members and revenues that make them self sustaining.
In addition to the important model for financial services Prosperity is developing, Tricia’s vision as a foundation executive driving this opportunity directly is a different sort of model I hope others will follow!
Check out the attached powerpoint deck to learn more.