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City OKs Marketing Funds for Faith-Based Credit Union
YOUNGSTOWN, Ohio -- Funds approved by the city Thursday morning will boost efforts by proponents of the newly established Community of Faith Credit Union.
The city Board of Control approved a technical assistance grant in the amount of $4,989.16 during its meeting Thursday. The Interdenominational Ministerial Alliance, the Baptist Pastors Council and the Community Mobilization Committee are collaborating to establish the proposed state-chartered credit union, which would be located at 2703 Mahoning Ave.
The technical assistance funds will be used for publicizing the campaign to raise funds for the new credit union, said Tom DeAngelo, city economic development coordinator. A buy-a-brick campaign is under way as part of this campaign. The Catholic Diocese of Youngstown’s Catholic Charities is acting as the credit union’s fiscal agent and will issue payments to vendors.
The member-owned institution, according to the credit union’s website, will offer services such as regular share savings/draft accounts, check cashing, and money order services, utility bill payment, wealth management and debt elimination. Formal meetings to organized the credit union began in 2006.
The objective is to establish a banking institution for individuals considered “for lack of a better term unbankable” due to their economic status, said Deborah Blakely, business consultant with Ozone Business Gallery, Youngstown, who is handling public relations for the project.
Locked out of the traditional banking system, such individuals are forced to rely on alternative methods such as check-cashing services and payday lenders, and having to pay the higher costs associated with using those services, Blakely said. The people in those neighborhoods “deserve a choice just like the rest of us,” she added.
“We know that if there wasn’t any money in the inner city, those companies would not be there,” she remarked. “
The goal of the brick campaign is to raise $150,000. The Ohio Credit Union League has committed to provide assistance once that amount is raised, although there is no set deadline or timetable to raise the funds, Blakely said. The campaign will continue “until we raise the capital that we need,” she said. Bricks can be purchased through the website.
The board of control, which consists of Mayor John McNally, Finance Director David Bozanich and Law Director Martin Hume, also approved a contract with Americon Industries Services, Canfield, for an earthwork improvements project at Ohio Works Drive. Americon, which submitted a $52,200 base bid and $26,800 alternate bid, was selected from among six bidders for the work, which ties into VAM USA’s proposed pipe threading operation.
The earthwork project at the Ohio Works property involves creating an earthen berm as a landscape feature and sound barrier along the property line, said Chuck Shasho, deputy director of public works.
“This project is on a fast track. The earthwork is one of the first things that has to be done,” he said. “Our portion of the work here should be completed within one month.”
Last month, the city approved a 10-year, 75% tax abatement for VAM USA, the Vallourec subsidiary that is considering Youngstown for the $81.5 million project at the Ohio Works Industrial Park.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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