We’re looking at one Black-owned entity that is not only one of the last of its kind in our condition but also the entire nation because February is Black History Month.
One of the ways American are able to build their capital and leave some behind for their future years is through ownership when it comes to creating wealth in our nation. Although some of the earliest black-owned credit organizations were founded as early as the 1920s and 1930s, their numbers are not nearly as high as they once were. We’re looking at one of the few remaining in our neighborhood and their efforts to promote financial literacy this week in Black History.
We are, after all, a select few. We’re quite distinctive. We’re a fairy best now, in my opinion.
When one refers to something or someone as a dragon, they typically mean that it is an unusually unique unique.
It began in 1952.
There are fewer than 10 black-owned finance organizations in North Carolina.
However, in the eastern part of the state, there is only one returned.
We are here to assist.
Therefore, CEO Jontae Sherrod’s description of Kinston Credit Union as a dragon is accurate.
The banks’ quest for support began before he arrived, with less than a month under his belt as the new CEO of the credit union.
In reality, the payment union was founded on June 10th, 1972, by two males by the titles of Mr. Charles Sanders and Mrs. Grice.
Their goal was to assist the underprivileged, despite the fact that it was a modest starting for the pair—they also managed to run the credit union out of Mr. Sanders’ home for several years.
The interest rates on those debts were between thirty and fifty percent at that special day, if we were able to obtain money and assistance. Therefore, Mr. Sanders truly tried to start the credit union, which is how we ended up here.
However, despite the record unions’ more than 50 years of operation, they have seen a decline in membership.
The number of housing products in Kinston with mortgages saw a definite decrease from 2010 to 2022, according to the U.S. Census, so that’s not the only thing that has decreased.
According to the statistics, there were approximately 2,700 housing models with mortgages in 2010, and quickly 12 years later, that number fell to just over 1,500. That represents a 44% increases.
“If you look at the statistics, it’s quite low when it comes to home equity in the neighborhood that we really serve.” I know why that number is low, so I can’t claim to be ignorant of it. Everyone has a purpose.
While the credit union works to increase its membership, Sherrod asserts that there is a general need for financial literacy in the community. “We’re not very aware of the situations we find ourselves in when we enter some institutions, and we don’t know what to do.” Therefore, having some economic education will go a long way.
Lenoir, Pitt, Craven, Jones, and Greene regions are served by Greater Kinston Credit Union.
According to Jontae Sherrod, the business also offers some of the best interest costs in the state.
The CEO also claims that he has big plans to host some technical lessons for the community in terms of financial literacy.