A new cooperative bank that is open to women and daughters has opened in Maine.
The Salem Cooperative Bank was created in February, and it will allow women and their children to make donations and make loans to help their families afford college.
“We are excited to bring a bank that will serve as a model for other cooperative banks around the country, and for women to be able to have access to these financial resources,” said Megan DeVos, Salem Cooperative Board Chairwoman.
“Through the Salem Cooperative Credit Union, we are also creating a bank for young women and families that are facing economic challenges, especially the financial challenges of having to pay for tuition and textbooks, or the cost of transportation to the school or the library.
The bank has an opening of $10,000 for the first three months, and the goal is to expand the program to more than $50,000 by the end of 2019.
The cooperative bank also aims to be a safe haven for women who are in need of financial assistance, said DeVoz.
This is the first time a women’s bank in the US has opened to women, but other banks across the country are now opening to women.
Banks like the Federal Reserve, the Consumer Financial Protection Bureau, and Bank of America, among others, offer credit unions to women who have not previously been able to open a bank.
“We know that women have a higher risk of making a mistake than men, so we’re trying to make sure they feel safe and supported.” “
[Women] are often at a disadvantage in banking and financial institutions because of the barriers they face,” said DePauw University’s Emily Luebke.
“We know that women have a higher risk of making a mistake than men, so we’re trying to make sure they feel safe and supported.”
The Salem Cooperative credit union is also working to help women of color, people with disabilities, and those who are on food stamps.
When it opens, the bank will offer a loan program to eligible borrowers, with a minimum balance of $5,000 and a maximum of $100,000.
DeVos hopes to see more women joining the bank and becoming active in their community.
A bank that focuses on the needs of the community is one that can also serve as an opportunity for women and other underserved groups to be represented in banking, said Luebeke.
There is no timeline for when the bank might open in Maine, but the bank said it has already received interest from several communities.
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