A local Low-Income Credit Union and CDFI in Memphis, Tennessee
One of our favorite banking institutions, Hope Credit Union, has several branches in Memphis, but what if you’re looking for your deposits to make an impact exclusively in your local community? We love Hope CU because they work in the region with rural and low-income communities, bringing their considerable resources to communities from Arkansas to Alabama. However, with smaller, local banking institutions you can be assured that more of the capital used for lending comes from your community and will be lent in your specific community. This is why supporting your local bank or credit union can be extremely important to creating a self-sustaining economy wherever you live.
Orion Federal Credit Union has been working in Memphis for more than 60 years to provide excellent banking services and loans to their members. Originally a teacher’s credit union, they now have ten branches in Memphis and one in Little Rock, Arkansas. They’ve earned both LICU and CDFI designations, meaning a significant chunk of their money is loaned to low-income families, specifically for the purpose of community development in the places they work.
Orion FCU is the eighth Better Banking Option that comes up when you look up Memphis in our search engine, meaning they do a significant amount of quality, wealth-building loans. We would encourage more locations in low- and moderate-income neighborhoods, but they still have two locations in these areas. In addition to supporting their community through lending, Orion also gives to many local non-profits and organizations, including the Memphis Botanical Gardens and Le Bonheur Children’s Hospital.
We recommend this Better Banking Option to anyone in Memphis looking for a credit union with a tight local focus and impact. Orion FCU only accepts members who live, work, or worship in Memphis and Little Rock, but they do offer online and mobile banking so anyone in the city can have accessible AND local banking services. If you live there, consider visiting their website and moving your money today!