Rise Now Federal Credit Union (In Organization)

Many Flushing residents, especially low-income residents and seniors, have limited English language proficiency and limited access to basic consumer loans and financial services offered by mainstream banks. As a consequence, many Flushing residents pay predatory fees to cash their checks, complete money transfers, and send remittances. 

RISE FCU's goal is to encourage savings among its members through its Share Savings Account, individual counseling, and group financial educational workshops. Once chartered, RISE FCU will offer loans to credit union members at a fair and reasonable rate and will also provide access to cashier's checks, money orders, and remittance services for minimum fees. All of this will be delivered in a manner that is relevant to and understood by the community it serves.

Surveys conducted by Rise Now have found tremendous support for the formation of a credit union to serve the Greater Flushing area and Asian New Yorkers. Most respondents are willing to join and make deposits to support its operations. 

We have completed 508 surveys from Flushing stakeholders to assess membership potential and the type of loan products and banking services needed. Based on the results, 71% of respondents who live, work, or use services in Flushing said they would join our credit union; 68% said they would maintain between $500 to $2,000 of regular deposit; and 43% said they would buy $1,000 to $2,000 CDs. Regarding loan products, 38% of respondents said they would need a personal loan up to $5,000; 40% said they would need a working capital loan between 25K and 50K, and 60% said they need a college loan up to 25K. Regarding product services, 30% of respondents stated they needed low-cost remittance, cash checking, and money orders.