HISTORY
JULY 2016: How We Started
In the wake of several police killings, the death of Philando Castile became the catalyst that brought together concerned Twin Cities residents to brainstorm forms of resistance that did not involve putting Black lives at risk. The Association for Black Economic Power (ABEP) emerged from a strategic movement toward Black independence through economic resistance, civil disobedience, and organized investment in the Black economy. Through a series of community meetings, these residents prioritized a campaign focused on Black banking, which ultimately led to the establishment of a Black-led community credit union.
JUNE 2017: Member Pledge Kick-off + the Naming
Unlike banks, credit unions are established by and for their members. The ABEP team set a goal to obtain deposit pledge contributions before opening. At this same event, it was announced that the name of the credit union would be Village Financial Cooperative.
JUNE 2018: Commitment to Financial Literacy
In addition to other services, organizers envisioned providing free financial education. This key educational initiative would provide financial education and literacy to members, which includes low to moderate income communities and small/micro business owners.
2019: Village Financial Trust Project Launch
2020: New Board Chair and Executive Director Take the Reigns
MAY 2020: Pimento Relief Fund
ABEP worked with other community leaders to establish the Pimento Relief Services Fund. The fund was created to support businesses damaged by civil unrest in Minneapolis.
2021: Formation of a New Credit Union Steering Committee
The Arise Community Credit Union (formerly Village Credit Union) Steering Committee played a pivotal role in advancing the mission of ABEP by serving as a community-focused advisory body. This committee ensured the development process and chartering application were guided by community insights, enabling a credit union structure that directly addresses local needs and drives impactful financial empowerment.
MAY 2021 - JUNE 2021: Initiated our Community Townhalls
Following the internal reorganization, ABEP hosted its first in a series of community townhall meetings of 2021 to reconnect with the community, affirm its continued commitment and provide a status update on the credit union.
JULY 2021: Revamped the Village website; Name Changed to Arise Credit Union
The Village Financial Cooperative Credit Union website received an updated look and a major communications campaign was initiated. In 2022, the ABEP Board of Directors was informed of copyright challenges to the name Village. As a result, the organization put a vote before the community for a new name and Arise Community Credit Union emerged.
2022: Launch of the ABEP Financial Empowerment Center
The ABEP Financial Empowerment Center (FEC) is a program that works with residents within the community, who may be unbanked, underbanked, or victims of predatory lenders, or other fringe banking outlets. The FEC serves as a trauma-informed hub for wealth-building and financial well-being in Minneapolis & other BIPOC communities across Hennepin and Ramsey Counties. Services include access to financial literacy workshops as well as personalized one-on-one financial coaching and counseling.
2023: Surpassed the credit union deposit pledge goals
2024: Received the Arise Community Credit Union Charter
The first Black-led credit union in Minnesota is now state-chartered, the first new state-chartered credit union in the state in 23 years. The Minnesota Department of Commerce issued the certification to Arise Community Credit Union based in north Minneapolis.