WASHINGTON, DC (February 13, 2021) – D.C non-profit, Association of People for Pan Africanist Economic Advancement through Leverage (APPEAL Inc.) have launched a crowdfunding campaign to raise funds for the first national cooperatively black-owned financial institution.
In 1863, black Americans owned one-half of 1 percent of the national wealth. Today it’s just over 1.5 percent for roughly the same percentage of the overall population. This number is totally unacceptable, and one that should be far greater than what it is.
When it comes to financing, the statistics are harrowing. According to data from the US Federal Reserve, less than 47% of financing applications by African American business owners get approved, and one in four black business owners forgo applying for loans because they felt that they would be turned down if they did. But all that may be about to change if APPEAL Inc. achieves its campaign goal of US $200,000 to establish the first black national credit union.
The truth is that a credit union is far more flexible than a bank in terms of their lending criteria. A bank is primarily concerned with making money for their shareholders, but a credit union makes its members the shareholders. APPEAL Inc is on a mission to create high-quality banking services for its members while facilitating financial and economic empowerment with a focus on people of African descent. The institution will also facilitate online banking services nationally for all its members.
Launched in 2012, APPEAL Inc. is a non-profit organization facilitating economic empowerment and educational enrichment through workshops, a think tank and a resource bank. The organization is currently in the process of chartering a fully regulated and insured federal credit union through the National Credit Union Administration (NCUA). NCUA requires a start-up capital of $300,000 to receive a charter. APPEAL Inc has already raised $100,000 of that amount through donations and fundraising activities. They only need $ 200,000 to make the dream of a national credit union for black empowerment a reality. Once they have received a charter, the funds will be used to finalize supporting documentation, hire employees, establish physical location, choose a board and contract vendors.
“Having a national credit union dedicated to the advancement of African Americans is critical to facilitate recycling dollars in the Black community and provide better access to capital for entrepreneurship. We want to empower our community and eradicate some of the financial barriers that many people face when trying to do things that they want to do, like building businesses and getting loans,” said Lasana Mack founder of APPEAL Inc. before he died.
With just over a month left in the campaign, APPEAL Inc. wants all the support it can get. Anyone can back the campaign with as little as $50; a donation of $500 will be rewarded with an APPEAL Inc. Goodie Bag consisting of a hoodie, tote and assorted goods from black owned businesses. For further information or to back the campaign, visit: https://www.indiegogo.com/projects/appeal-proposed-federal-credit-union#/. Learn more about APPEAL Inc’s mission at appealinc.org or https://www.youtube.com/watch?v=OxSLFWRTHp0.
Contact Information: APPEAL Incorporated