|CAPITAL AREA TAIWANESE||BOYDS||MD||Asian American|
|KOREAN CATHOLIC||OLNEY||MD||Asian American|
|TRANSIT EMPLOYEES||GREENBELT||MD||African American|
|ANDREWS FEDERAL CREDIT UNION||SUITLAND||MD||African American|
|WOR CO||POCOMOKE CITY||MD||African American|
|THE MOUNT LEBANON||BALTIMORE||MD||African American|
|NONE SUFFER LACK||SUITLAND||MD||African American|
|MUNICIPAL EMPL.CREDIT UNION OF BALT||BALTIMORE||MD||African American|
|PRINCE GEORGE’S COMMUNITY||BOWIE||MD||African American, Hispanic|
A credit union is a member-owned, non-profit financial institution where members can deposit money, take out loans, and open a new credit card. Twenty-eighteen has been the fastest growing year for credit unions since 1986, in part because of the value they can offer niche community groups and minorities.
Credit unions have the ability to cater to the specific needs of their communities, specifically low-income earners and minority groups. According to the National Credit Union Association, “minority-owned and managed credit unions play a critical role in providing financial services to communities that have been traditionally underserved or unbanked.”
By using a minority credit union, one can support a local business while getting services that address specific pain points that affect a certain audience or community.
Another banking option, minority depository institutions (MDIs) are often small community banks associated with an ethnic minority group. These institutions usually provide services to specifically benefit the minority community in which they serve.
For more information and a full list of USA minority-owned credit unions, click here.