Community activists, led by the Delaware Community Reinvestment Action Council (DCRAC), are planning to launch a new credit union to offer affordable financial products and services to lower-income Wilmington residents, including low-cost alternatives to payday loans.

Rashmi Rangan, executive director of the Delaware Community Reinvestment Action Council (DCRAC) and a key organizer of the credit union, plans to submit a proposal to credit union regulators in October 2006.  Supporters hope to fund the new credit union through a grant from Catholic Charities and local banks, which could receive credit for investments under the Community Reinvestment Act.

Supporters also hope to enroll 200 members and secure $60,000 in deposits and $200,000 in loans in its first year.

For more information, contact Rashmi Rangan at 1-877-825-0750.

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