Wednesday, December 8, 2021

Faith-based credit union promotes Black economic empowerment

Friendship-West Baptist Church (FWBC) acquired the former St. John Dallas Federal Credit Union, founded by the late Civil Rights activist and Pastor Dr. E.C. Estell. For Decades, the credit union was an important financial institution in the Southern Dallas County community. The newly branded Faith Cooperative Federal Credit Union (FCFCU) was established as a first-choice Black-owned banking institution in the Southern Sector.

With a proven track record, FCFCU has been successful at providing banking opportunities for the community. Faith Cooperative Federal Credit Union also actively supports members who may need to establish first time credit or rebuild existing credit.

In light of the pandemic, millions of Americans have gradually returned to work. The slow recovery has left many Black and brown families vulnerable to financial insecurity. Senior Pastor and activist Dr. Frederick D. Haynes III, believes there is a way to create financial wellness.

“Many families are living paycheck to paycheck, which can impact their payment history, their ability to obtain credit, and qualify for car and home loans with favorable interest rates. FCFCU bridges the gap and helps to provide economic opportunities for families.”

 

(Towfiqu Barbhuiya / Unsplash)

Initially, Dr. Haynes envisioned FCFCU offering small-dollar loans as an alternative to payday and car title loans. At that time, the liberty loan was offered by FCFCU to meet the needs of consumers looking for a small loan to assist them during periods of financial insecurity without causing greater hardship. A small dollar loan, the liberty loan is still available today to FCFCU members to help engage them in traditional banking practices.

To learn more, visit the credit union’s website Faith Cooperative Federal Credit Union.
Friendship-West Baptist Church has consistently supported Black-owned businesses throughout the years. “Historically, Black-owned businesses have served as the economic foundation of our communities. They were models for property ownership, job creation, and generational wealth building,” said Dr. Haynes.

Currently, FWBC is leading the charge to support Black-owned businesses through the 100 Days of Buying Black movement. The 100 Days of Buying Black movement aims to continue the legacy of Black Wall Street by circulating dollars within the Black community to strengthen its economic base.

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“It’s important that we rally behind our Black businesses because they are key to our collective economic power. They not only influence the supply chain but also the types of goods and services sold and the labor markets,” asserted Dr. Frederick D. Haynes III. In observance of the 100th commemoration of the Tulsa Race Massacre, the movement started on September 23rd and concludes on December 31st. During the holiday season, FWBC will highlight Black-owned businesses and networks with special showcases on Black Friday and Cyber Monday.

For additional information, please visit BuyingBlack100 for valuable resources that encourage and support participation including a business directory for consumers and a Business Directory form for business owners. Partners are also encouraged to join the 100 Days of Buying Black Facebook Group to stay engaged and connected with the movement.

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