Renaissance Community Development Credit Union needs your help
We need your help! One of the few CDFI credit unions in New Jersey, Renaissance Community Development Credit Union, is facing one of the biggest challenges in their history.
Your support is critical to helping Renaissance Community Development Credit Union (RCDCU) keep their doors open and continuing to provide the much needed services to their members and the community. RCDCU was chartered in 1996 as an extension of the Central Jersey Community Development Corporation (formerly the First Baptist Community Development Corporation). It is a low-income designated credit union, a minority credit union and a certified Community Development Financial Institution (CDFI). Over the last 19 years, the RCDCU has assisted more than 2,000 low- and moderate-income people with affordable and responsible financial services.
Renaissance currently has a membership of 700 low-income consumers. Without the credit union, this membership would become disenfranchised from the mainstream financial services market and many would be forced back to predatory financial services providers. Truly, RCDCU provides financial services to people that other financial service providers do not want to serve. Moreover, through a series of partnerships, Renaissance helps to link its members to diverse loan opportunities throughout the credit union industry including affordable home mortgage loans. The loss of such an active credit union that meets such an important unmet need would affect more than just its members and community–it represents the loss of a critical institution. Click here to read about RCDCU’s loan for a wheelchair accessible van for Terrance Walton. Rejected by other financial institutions for a loan to retrofit his van, RCDCU gave back Terrance Walton his mobility.
Due to some unexpected loan losses and increased expenses, the credit union ended last year with a loss that has dropped RCDCU’s capital. The regulators are encouraging the credit union to seek a merger. We want to appeal to you, the credit union community, to help this valuable institution stabilize and move to the next level. The Federation is diligently working to bring a range of back-office services and accounting support to small credit unions. Soon we will have the systems in place to allow credit unions like Renaissance CDCU to grow and serve its community with greater economies of scale, aggregating the back-office work of others equal in size and capacity. We are at a pivotal moment in the industry and credit unions like Renaissance need the time and a small infusion of capital to continue while we collectively build the capacity for them to grow.
For this reason, the Federation is mounting a capital campaign to assist Renaissance. The gap to restore the credit union’s capital is not insurmountable – with $25,000 we will be able bring the capital to above 6%, setting RCDCU on a healthy pathway to continue to grow and serve its community.
Please help us continue to meet the needs of low-income consumers by making a donation to Renaissance today! Your support will make a tremendous difference in the continued success of this important credit union.
Cathleen A. Mahon
National Federation of Community Development Credit Unions
Renaissance Community Development Credit Union Board of Directors
|Click on the Paypal button to make a donation online or send your check to Renaissance Community Development Credit Union, c/o National Federation of Community Development Credit Unions, 39 Broadway, Suite 2140, New York, NY 10006.|