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Chartering of new Delaware CU progresses
WILMINGTON, Del. (2/5/08)--Chartering papers for a new credit union in Wilmington, Del., have been submitted and a location chosen, according to the Delaware Credit Union League. The Delaware Community Reinvestment Action Council recently received a $100,000 grant from the Longwood Foundation to renovate a building in Wilmington to serve as a low-income community credit union and personal finance training center, according to Rashmi Rangan, executive director of the council (Together Jan. 30). The credit union is tentatively named "Stepping Stones," in line with its mission of offering financial services to low-income residents as an alternative to payday lenders charging higher interest rates. Rangan said the credit union plans to offer small loans. Financial counseling will accompany every loan to ensure borrowers can repay it smoothly, he added. Housed on the second floor of the new building will be a computer center, where people can come to bank online, check a credit score or find housebuying information.
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