Where credit is due.Low-income low-in·come adj. Of or relating to individuals or households supported by an income that is below average. credit unions make the most of megabank mergers The recent spate of merger mania Mania ancient Roman goddess of the dead. [Rom. Myth.: Zimmerman, 159] See : Death in the banking industry has often hit minority communities the hardest, forcing residents to look elsewhere for their banking and financial needs as bank branches close. But like knights in gold-plated armor, low-income credit unions (LICUs) have stepped in to fill the void, providing these neighborhoods with check-cashing services, small business and personal loans, as well as financial counseling. And while LICUs often have to work with limited resources themselves, using volunteer and part-time staff and insufficient capital to provide for their constituents, a report released last year shows them to be flourishing flour·ish v. flour·ished, flour·ish·ing, flour·ish·es v.intr. 1. To grow well or luxuriantly; thrive: The crops flourished in the rich soil. 2. . The Woodstock Institute in Chicago found that between 1990 and 1996, the number of LICUs rose to 356 from 244. During the same period, their membership also increased, from 343,000 to 850,000, while the number of delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans dropped from 4% to 2%. This growth is due in large part to technical assistance grants and a $15 million revolving loan fund A Revolving Loan Fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. established by Congress and administered by the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. , the federal agency that oversees and insures the nearly 12,000 credit unions nationwide. LICUs also have the added advantage of being able to accept deposits from nonmember sources, such as larger credit unions or banks. For a listing of LICUs in your area, log on to blackenterprise.com. True to their Depression-era roots, credit unions have provided, in their own small way, financial freedom to the man of modest means. [GRAPHS OMITTED] |
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