Would you keep your money in a gay credit union if you had the chance? Well, pretty soon more people will.
The Detroit Free Press reports that a New York-based LGBTQ credit union called Superbia Credit Union is expanding into Michigan. This past Monday, the state of Michigan approved a charter for Superbia within its borders.
CEO and founder Myles Meyers celebrated the signing of the state executive order in a post on LinkedIn. In that post, he noted that this organization is the “first financial institution solely dedicated to serve the LGBTQ community across the country.”‘
Last year, Meyers had been raising money to help establish the credit union further. When he raised more than $100,000 last summer, he said:
“All funds will be used to demonstrate to regulators the existence and need of the LGBTQ community and be put directly into the business to cover legal and other costs associated with the charter process.”
The company also shared that the credit union will provide other features for clients.
“When operational, Superbia Credit Union will benefit members through tailored products and services, more favorable rates, and grants made regularly to organizations that help support and advance causes of the LGBTQ community.”
“The LGBTQ community as a whole is in need of a strong solution to fight mounting intolerance,” according to a statement made earlier by Meyers.
For Meyers, the point of the credit union is to support LGBTQ people like never before in the financial world.
“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” said Meyers to Bloomberg. “If I walked in to the same institution with my husband, we can come across different responses and welcome. And this is where it all starts to change for the community.”
“In the same way a bakery can refuse a cake, one bank’s discrimination could lead to higher interest rates on homes, rejection of student loans, judgement on credit for health needs, outdated products and services for LGBTQ individuals and families, and lack of acceptance and understanding among traditional institutions,” he said.
In addition, it’s smart of Meyers to focus specifically on LGBTQ people. In 2017, Witeck Communication projected that the combined buying power of U.S. lesbian, gay, bisexual, and transgender adult population was estimated at $987 billion. Even Indian companies have been looking to get into the LGBTQ financial market since decriminalizing gay sex.
Not only does all of that money need protection, but also nurturing and guidance. And it looks like Myles Meyers wants to be the one to do it.