WASHINGTON, Nov. 19, 2015 /PRNewswire-USNewswire/ -- Today, the U.S. Women's Chamber of Commerce (http://uswcc.org) announces the association is establishing a national federal credit union to provide access to capital, ensure fair lending practices and deliver low cost business and savings solutions to members all across the United States.
"The U.S. Women's Chamber of Commerce Seed Federal Credit Union™ is a game changer for women and small businesses," states Margot Dorfman, CEO of the U.S. Women's Chamber of Commerce. "After decades of challenges in securing fair access to capital and being targeted by predatory lending practices, women are now in the driver's seat to control and operate our own national financial institution. Through our national federal credit union, women lead on the inside of the financial and lending system rather than standing on the outside looking in."
Credit unions have a unique and rich history for women. Many may not realize, credit unions were the first financial institutions to lend to women in their own names. The U.S. Women's Chamber of Commerce is extending and deepening that legacy by taking ownership of our financial future, driving the new women-led economy and opening the doors to greater financial opportunities for women and small businesses.
Access to capital is consistently ranked among women business owners' greatest challenges in growing and elevating their businesses. Not only the amount of capital, but also the composition and cost of capital is holding women's businesses back from realizing their full economic potential. America's failure to assure women business owners are achieving maximum potential is not only impacting women and their families; this failure is robbing our economy of trillions of dollars in failed economic output and millions of lost jobs each year.
"The U.S. Women's Chamber of Commerce Seed Federal Credit Union empowers us to leverage the economic strength of women, government and private sector grant opportunities to provide affordable loans for businesses, teach women to be more astute with the capitalization of their businesses and develop our own savings and loan products specifically tailored to the needs of women and business owners," states Dorfman.
The U.S. Women's Chamber of Commerce Seed Federal Credit Union puts women in a position for other important financial activities like savings, education, mortgages, car loans, and retirement planning. The day has finally come when the maximum realization of women's economic potential will be unleashed.
Dorfman concludes, "Credit Unions are member owned. We call upon women and supporters all across the United States to step up and be part of history – be a game changer for women."
The U.S. Women's Chamber of Commerce will be making a series of announcements over the coming months as the foundational steps are completed for the Seed Federal Credit Union. Details are available at the USWCC website (http://uswcc.org).
About The U.S. Women's Chamber of Commerce (USWCC)
The USWCC is the leading advocate for women on economic and leadership issues. As the economic leader for women, the USWCC creates opportunities, drives progress, advocates, and provides tools and solutions to support the economic growth of women across America. The USWCC (uswcc.org) is a not-for-profit 501(c)6 organization founded in 2001 with over 500,000 members; its headquarters offices are located in Washington, D.C. Contact the USWCC at 888-418-7922.
SOURCE U.S. Women's Chamber of Commerce