Very ambitious of them. Plus they plan to start giving out loans. Should be quite amusing considering everything else they touched has gone to sh-t.
When you think about it, who better to handle you money than a bunch of filthy homeless people with no banking experience?
The credit union is being created with the help of San Francisco’s Glide Community Church and Supervisors John Avalos and Eric Mar. The group filed its paperwork and has already crafted a thoughtful mission statement: The credit union will serve as a replicable model for other financial institutions to reinvest wealth in their local communities. They will support microenterprise, provide educational loans, and foster community improvement projects.
Jason Macarthur, a protester with Occupy SF, listed the goals that the organization plans to achieve within the first year. That includes starting with 500 members with plans to grow to 2,000 members before the end of next year.
Other plans include:
- Accumulate capital assets of $7 million or more, through investments by different organizations, members, et al.
- Open two credit union branches within the city of San Francisco. The first branch location in the mid-Market Street corridor , in the former Social Security Administration storefront (MOCD) , with the assistance of other local nonprofits. Each branch will have a cafe within it and a commercial kitchen available to rent.
- The credit union will employ students and homeless, creating 60 part-time jobs.
- Issue 300 to 500 micro-enterprise loans (max. $5,000).
- Add 1,000 people overall to the city employment payroll.
- Finance and start a food co-op large enough to support a neighborhood.
Who knows, pretty soon they might be able to feed themselves.