Michigan will be home to America’s first credit union designed for the LGBTQ community.
Superbia Credit Union got approval Monday by the Michigan Department of Insurance and Financial Services (MDIFS) to become an approved credit union in the Great Lakes state. Miles Meyers, founder and CEO of Superbia Services Inc told the Detroit News this credit union is designed to “improve economic equality in the community by removing the risk of intolerance and discrimination.”
This credit union will offer loans not usually provided by normal credit lenders including giving loans to transgender people who are transitioning, according to Bloomberg.
“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” Meyers said. “If I walked into the same institution with my husband, we can come across different responses and welcome. And this is where it all starts to change for the community.”
Superbia Credit Union will open its virtual doors in 2020. The MDIFS Director Anita Fox told the Detroit News that this credit union is the first one Michigan has added in 33 years.
Superbia Credit Union’s founder has had over a 25-year financial service career and was inspired to start this credit union to address the “lag in financial service products” for the LGBTQ community, according to the company’s website.
“I believe Superbia is a first-in-the-world. Superbia uses a unique structure of commercial and social entities designed to unify the community, deliver banking, insurance, healthcare and other services that actively address, solve and service the needs of LGBTQ individuals, families and businesses,” Meyers said on his LinkedIn.
He also added, “Superbia affirms you as an individual and elevates the LGBTQ community as a whole. We do this through the undeniably LGBTQ focused experience, products and services and through our authentic commitment to use Superbia profits in the sustainably funding of our equality and advancement of the LGBTQ community.”
A 2017 study estimates that the buying power of the American LGBTQ community is around $1 trillion, according to Bloomberg. Globally, this community has a purchasing power of $3.7 trillion, according to LGBT Capital.
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