SAN FRANCISCO (12/6/11)--The Occupy San Francisco movement has announced plans to create a new credit union that will allow city residents, businesses, and nonprofit and city agencies to keep their money out of big banks and redistribute that money locally.
The credit union name--People's Reserve CU--was registered in California before Thanksgiving (skimthat.com and facebook.com Dec. 3).
The first charter meeting is slated for Saturday. People's Reserve is being created with assistance from San Francisco Supervisors Eric Mar and John Avalos, and Glide Church.
The organizational group said the credit union plans to cultivate community projects, offer microloans of $5,000 or less to the working poor and homeless, and subsidize student loans at low interest rates.
People's Reserve intends to start with 500 members and increase its size to 2,000 members in one year. By the end of 2012, it aims to accumulate $7 million in capital assets from members and organizations.
Organizers plan to open two branches in San Francisco, with each branch containing a cafe and a commercial kitchen available to rent. The credit union will employ students and homeless people, creating 60 part-time jobs.
Plans also are in the works to establish and finance a food co-op big enough to serve a local neighborhood.