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via istock
What leaders see as the true enemy against progression in the predominately Black neighborhoods of Chicago is the “poverty industrial complex,” which consists of businesses and services targeted at the poor, uneducated, or marginalized. These establishments include used car dealerships, check-cashing outlets, pawnshops, payday loan businesses, collection agencies, rent-to-own programs, high-interest credit cards or mortgages, finance companies, and trade schools marketed specifically to the most at-risk residents. “As member-owned not-for-profit institutions, credit unions give back the income they generate to their members and communities,” Steve Bugg, president & CEO of Great Lakes Credit Union, said. “This not-for-profit model allows credit unions like Great Lakes and others to invest in partnerships—like our partnership with the Leaders Network—that support historically divested communities. This also allows us to focus on creating and offering products and services to these communities with a focus on what’s best for the consumer, not what’s best for our profits.”
Source: Black Enterprise
