The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to the brand-new Community HOPE Federal Credit Union here.
The charter will allow Community HOPE to serve approximately 40,000 residents who live, work, worship, attend school, participate in associations
headquartered in, or participate in programs to alleviate poverty or distress located in a prescribed community in Lincoln from a service facility in Lincoln’s downtown, according to the agency.
The new credit union will provide residents in the prescribed community access to affordable financial services. During its first year of operations, NCUA said the credit union plans to offer:
-Short-term unsecured loans
The credit union also plans to offer financial literacy training programs, the agency added.
Community HOPE has been given a low-income designation, which will make it eligible for certain benefits—including NCUA grants and low-interest loans as well as an exemption from the member-business lending loan limit—to help it better serve low-income members in its community.