KANSAS CITY, Mo. — A project that was first discussed in 2007 came to fruition Saturday.
A ribbon-cutting ceremony was held at WeDevelopment Federal Credit Union, located at 31st and Prospect in Kansas City, Missouri.
Dozens of community members and local leaders celebrated the new credit union which aims to help the most distressed areas of KC when it comes to finances.
"I think it shows persistence, you don't change the world with one fell swoop, sometimes these things are hard," said KCMO Mayor Quinton Lucas.
Gwendolyn Washington, CEO of WeDevelopment, tells KSHB 41 that the credit union will help protect people from predatory loan companies, especially since the poverty rate near the location is around 30%.
"When you have people on fixed incomes or who don't make a lot of money, their emergencies may be just a $500 loan, that's why they go to Payday Loans, but when they can go to a financial institution like WeDevelopment and they can take out a $500 loan with an interest rate that's under 20%, you know this is where they need to come," Washington said.
With priorities set on expanding banking access while educating members on how to best handle their finances, Mayor Lucas says the credit union is just the beginning of a better and safer community.
"You see more businesses filling up this intersection," he said. "I think what you're going to see is more people moving back to the core of our city, more people developing and, long-term, a place that 10-15 years from now looks a lot different. Having a lot more shops, having a lot more business activity and a lot less crime."
There is still work that needs to be done, but the credit union is set to open to the community Dec. 5.
