How will the fundraising contributions be used?
The use of the funds will be divided into two main categories: 1.) projected pre charter costs of $2.5 million, which includes those costs associated with planning and establishing the credit union facilities, furniture, equipment, as well as working capital to cover operation expenses until the credit unions net income can support the day-to-day operations; and 2.) projected net capital of $3.5 million is needed to satisfy the projected deposit base and demand for loans.
