Have you ever had one of these thoughts:
How can my nonprofit get the line of credit or working capital loan that it deserves and needs?
Where can I move my money away from Wall Street to a place that will help nonprofits?
Where can I get involved in discussions about nonprofit finance and strategy?
Two linked organizations will answer these questions: American Nonprofits and a federal credit union for nonprofit organizations, their staff, volunteers and stakeholders.
American Nonprofits exists to:
- Create a platform for research, dialog, and debate among nonprofit finance professionals and thought leaders on topics related to finance, accountability, capital, and strategy
- Create a democratically governed financial institution (a federal credit union) owned by the nonprofit sector to which nonprofits, foundations and individuals can move their deposits, and see their deposits and fees used to support the nonprofit sector.
American Nonprofits is a membership organization open to U.S. nonprofit, 501(c)(3) organizations and their staff, stakeholders and volunteers. Members can participate in a range of educational, research, discussion, and collaborative opportunities in the broad area defined by finance and strategy. American Nonprofits would like to hear from you about how we can best serve you. Please complete a short survey here: short survey.
At the top of our list at American Nonprofits are plans for a federal credit union for nonprofit organizations, their staff, volunteers, and stakeholders. Such a credit union would be an ideal complementary financial institution for many nonprofit; one that would provide them with a place for deposits that are federally guaranteed and keeps the fees in the nonprofit sector. The credit union would also provide lines of credit, credit cards, and other modest credit vehicles from which they are currently redlined by banks. It would also be a financial institution where supporters of the nonprofit sector could proudly put their deposits and obtain services such as checking and savings accounts, credit cards, and loans. We have received preliminary approval of the all important Field of Membership for the credit union from the National Credit Union Administration (NCUA) and are in the process of business plan development and raising capital. Only members of American Nonprofits will be eligible to join the credit union, American Nonprofits Federal Credit Union (ANFCU)