In the wake of several police killings, the murder of Philando Castile was the final catalyst that brought together concerned Twin Cities residents to brainstorm other forms of resistance that didn’t involve putting Black bodies on the line. The Association for Black Economic Power (ABEP) emerged from the strategic movement towards Black independence through economic resistance, civil disobedience and organized investment into the Black economy. Over the course of a number of community meetings, these residents prioritized a campaign focused on Black banking that has led to establishing a Black-led credit union in the Northside of Minneapolis by 2019.

We’re creating a financial institution that supports Black existence and financial health and well-being. We challenge the exploitative nature of traditional financial institutions to seek the rejuvenation of Black, Indigenous, and low-income neighborhoods through cooperative economics.

Unlike banks, Credit Unions are established by and for their members. The ABEP team set a goal to reach 5,000 pledged members before opening. At this same event, it was announced the that name of the Credit Union would be Village Financial Cooperative.

We launched the New Day Loan and it’s one of two equitable, affordable consumer loans available in Minnesota, created as an alternative to predatory PayDay loans. We never deny anyone at Village Financial Cooperative, and don’t believe credit scores are an accurate depiction of one’s financial worth. We’re dedicated to working with our members to lower any existing debt and create a plan that meets them where they’re at while working towards their future goals.