First Black-led credit union in Minnesota to open later this year

(FOX 9) - Arise Community Credit Union will become the first Black-led credit union in the history of Minnesota.

According to the Minnesota Department of Commerce, this marks the first new state-chartered credit union in 23 years. Arise will be a nonprofit cooperative owned by members with membership open within Hennepin and Ramsey Counties.

State officials say the Association for Black Economic Power (ABEP) led the creation of the community-focused credit union.

"The formation of this credit union, and the dedication and work of Debra Hurston and her team, is an important step to give more Minnesotans access to community-led financial institutions," Minnesota Commerce Commissioner Grace Arnold said.

The Department of Commerce said that Arise plans to open and start operations by the end of the year when it will provide services like checking and savings accounts, debit and ATM cards as well as consumer loans.

"The vision for the new credit union was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities that Black communities experience in our region. With support from the community, Arise Community Credit Union can be positioned to provide financial products and services to the unbanked and underbanked residents of the community. Establishing a Black-led credit union is an opportunity for individuals to manage health, housing, education, and other concerns while breaking the cycle of poverty and economic struggle," the Association for Black Economic Power said in a statement on the new credit union.

Arise will initially provide digital-only banking services with future plans to open a physical branch.

More information on Arise can be found here.