Community HOPE Federal Credit Union is open for business.
Community HOPE, 1625 N St., Suite A, in the city's Antelope Valley area, will be able to serve approximately 40,000 residents and 25,000 students.
Its clients will be people who live, work, worship, attend school, participate in associations headquartered in, or participate in programs to alleviate poverty or distress in the downtown and nearby neighborhoods.
During its first year of operations, the credit union plans to offer shares, short-term unsecured loans, share secured loans, payday alternative loans, cashier checks and wire transfers, according to a news release.
Community HOPE’s mission also includes providing financial literacy programs.
"Our mission is to give an alternative to payday lending, as well as financial literacy training. So when the credit union lends out money, we will also educate you so you don’t fall into that trap again,” said Mark Koller, who helped start the low-income credit union and will be its CEO.