TOLEDO, Ohio – The National CU Foundation has awarded a $69,500 Innovation Grant to the Ohio CU foundation to help develop a credit union for Latinos in northwest Ohio, which would be the first new state charter in decades.
Organizers of Nueva Esperanza (New Hope) Community CU have applied for a charter to the Ohio Division of Financial Institutions which would serve the state’s region’s growing Latino population, which has more than doubled since 2000. The group hopes to opens its doors by June.
The Ohio Foundation is working with several credit unions and community groups on the project. Viva South Toledo Community Development Corp. purchased the building where thenew credit union will operate. Viva South Toledo will relocate its own headquarters into the same facility. It will provide members with housing assistance and other social services tocomplement the new credit union’s financial services.
Directions CU will provide operational staff and all data processing services, terminals, software, recordkeeping, and accounting support. Area Financial Services, a technology CUSO owned by five Toledo-area credit unions, will oversee Nueva Esperanza’s back-office operations. Latino Alliance of Greater T oledo will help grow and sustain membership in the new credit union.
