On Aug. 28, a group of Black pastors, known as the Leaders Network, broke ground on a new credit union in the Austin neighborhood of Chicago. Aiming to help eradicate the glaring discrepancies in wealth between Black and white residents, the Leaders Network Credit Union is expected to open its doors in February 2024.
Advancing economic power in a city with over 700,000 Black residents is top of mind for many community leaders who see the landscape as bleak, at best, and irreparable if things continue to decline. “Dr. King spent the last months of his life fighting for economic justice for Blacks, poor whites, Latinos, and indigenous people!” said Rev. Ira Acree, co-chair of the organization. “This credit union initiative, if duplicated in other urban markets, could ultimately change the landscape in America, because Black families and Black businesses will be able to get loans in their own community without being redlined or getting outright denied.”
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