Atlanta group to form Georgia's first Hispanic CU
ATLANTA (11/8/06)--An Atlanta group is setting into motion plans to launch a Latino-based credit union by July.
The Latino Credit Union Organizing Project wants to charter a credit union in the metro Atlanta area to assist lower-income workers or those who need small loans of less than $1,000 (The Times-Union Nov. 4).
The loans would be targeted to the "unbankable," said Carter Garber, executive director of financial consulting group Ideas. He sees the credit union as a resource for people who may need a car loan to get to their job at a carpet mill.
Garber hopes the credit union will expand to other areas of the state that have an increasing Hispanic population.
Ideas is using North Carolina's Latino Community CU--formerly Cooperativa Comunitaria Latina de Credito--as a guide.
In addition to providing financial stability, the credit union would help protect immigrant workers from becoming victims of violent robberies. Unbanked workers often carry large amounts of cash, making them a target of robbers.
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