Youngstown Organization halfway to fundraising goal for credit u - WFMJ.com News weather sports for Youngstown-Warren Ohio

Youngstown Organization halfway to fundraising goal for credit union

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YOUNGSTOWN, Ohio -

The Community of Faith Collaborative Union is halfway toward its goal of opening a local low-income credit union, thanks to a $25,000 donation from Covelli Enterprises Thursday.

The donation brings the total to $75,000 raised so far, with a goal of raising $150,000 by July of 2016.

"We will have what is called a low income status. Low income status gives us the ability to give loans to the underserved, the under-banked, and those who normally wouldn't have access to capital," said Reverend Henry McNeil.

McNeil says they need to reach the $150,000 mark in order to apply for $1.5 million in non-member deposits from existing credit unions. The commerce department and the Ohio Credit Union League set the mark as a buy-in to reach credit union status.

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