Finding aid for the Faith Community United Credit Union Records

History of Faith Community United Credit Union

Faith Community United Credit Union was founded in Cleveland, Ohio, as the Mount Sinai Baptist Church Credit Union in 1952 through the leadership of pastor Luther Hill and the advice of representatives of the Antioch Baptist Church Credit Union.

By 1977 it had assets of $600,000 and in 2001 it had assets of over $7,000,000. As a community development credit union since 1991, it is owned by its members who live, work, or worship in Cuyahoga County and is committed to serving low income residents. As a community development credit union (CDCU), it has advocated revitalization, education, community development, community pride, and volunteerism. Its philosophy is "Bridging the Economic Gap Through Faith." In 1996, it was designated as a Community Development Financial Institution (CDFI), allowing it to secure federal grants, leverage deposits by non-member organizations, and make loans to low income families and inner city businesses. In 1999, it became a Small Business Administration lender under the auspices of the United States government.

The Faith Community United Credit Union has offered traditional lending and savings services to its members while providing innovative services such as a "grace loan" program that offers an alternative to high interest "payday loans"; loans to homeowners who have fallen victim to predatory lending; and high risk loans to low income people.

Scope and Content

The Faith Community United Credit Union Records, 1977-2001, consist of an anniversary booklet, annual meeting proceedings, and correspondence.

This collection will be useful to researchers studying the history of the African American community in Cleveland, Ohio, during the last half of the twentieth century, particularly its activities within the Baptist church on the city's east side and its vision for financial sustainability and prosperity through the creation of a faith-based credit union. The credit union started at Mount Sinai Baptist Church but soon expanded to include a large membership based out of multiple churches. Those studying the creation and development of credit unions, particularly those that are faith-based and serve low-income populations and communities, will find this collection useful.

Statement of Arrangement

Restrictions on Access

None.

The researcher should also consult MS 5217 Mount Sinai Baptist Church Records.

Indexing Terms

The following terms have been used to index the description of this collection in the library's online public access catalog.

Subjects:

Preferred Citation

[Container ___, Folder ___ ] MS 5218 Faith Community United Credit Union Records, Western Reserve Historical Society, Cleveland, Ohio

Acquisition Information

Gift of Rosalee Bell in 2001.

Processing Information

Processed by Margaret Burzynski-Bays in 2014.

Detailed Description of The Collection