First Ever LGBT Credit Union to open in 2020
Superbia Credit Union will finance Gender Confirmation Surgery begining 2020 becoming the first-ever LGBT financial institution to specifically offer this service. Superbia will also offer a wide range of affordable loans, credit cards and other financial services targeting LGBTQI people.
Michigan on Sept. 9 approved a charter for the new financial institution designed for LGBT customers, reports Bloomberg law clearing the way for online service to begin early in 2020.
“Superbia Credit Union is the first-ever Profit-for-Purpose financial institution that exists solely to serve and advocate for the LGBTQ community across the country.” according to Superbia Credit Union Web Site
“Opening its virtual doors in early 2020, Superbia credit union is owned and guided by its members. An inclusive organization, anyone in support of the LGBTQ affirming mission is welcomed to join and become a member.”
The combined fiscal might of the LGBTQI community was estimated at $987 billion in 2017 according to the credit union journal.
As enticing as our combined power may be, the idea that a single institution failing which holds our financial wellbeing is unthinkable. Should that happen it would mean financial devastation for large swaths of the LGBT community.
This according to the website is a selling point. Superbia, being a Credit Union is owned by its customers who have a direct say in its leadership. And the website states it will be an advocacy powerhouse investing 30% of its earnings in local and national LGBT causes.
Why has this not been done before? The founder Myles Meyers, who claims over 25 years of experience in finance answered with a question. Why isn’t it being done now?
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Superbia Latin for Pride is an LGBTQI grassroots project which has so far raised $11,000 of its $50,000 goal on indiegogo