Forward Credit Union
Banking - Memphis, Tennessee, United States
Forward Credit Union Employees
Forward Credit Union Details
Memphis is the payday lending capital of the world! Most predatory lenders in Memphis are concentrated in areas heavily populated by low-income African Americans and Hispanics.Having a financially healthy community is as it impacts crime, education, and employers' ability to hire good workers. It impacts all of us. We have decided to become an advocate for low and moderate-income families in the Memphis area. In September 2020, a diverse and experienced team of seven financial and business leaders submitted an application to form a new state-chartered credit union in Memphis. In January 2021, the State of Tennessee completed its initial review of the charter application and provided approval to continue the process of forming Forward Credit Union.At this point, Forward will be the only black-owned and operated community-based financial institution headquartered in Memphis. Forward will serve as a low-income designated minority depository institution. Forward will be rooted in financial coaching and offer affordable financial products and services for underserved low and moderate-income families in the Memphis area. We will serve clients that feel locked out of the traditional banking system and feel stuck in the predatory lending cycle.Our goal is to turn payday loan customers into credit union or traditional banking customers, turn renters into homeowners, turn borrowers into investors, and turn small business dreamers into small business owners.We are currently creating detailed plans in preparation for a late 2021 start-up while also seeking financial resources to cover start-up and operating costs for the initial years of operation.Our mission is not a quick fix. It may take years to see the full impact of our work. We don't have all the answers, but we are committed to this fight. If we are successful, we will end predatory lending in Memphis and provide an opportunity for all Memphians to move their financial lives forward.
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