Wed. Jun 19th, 2024

HOW CREDIT UNION CONTRIBUTE TO COMMUNITY DEVELOPMENT

Community development is known as a process whereby several community members come together in groups to take collective action and generate solutions to community development. This is simply everything and anything that involves the coming together of a group of people in a community to ensure the growth and the strategic development of a particular community, and Denver credit union has contributed in one way or the other to this course as the primary devotion or aim of credit union organization including Denver credit union is the community that is formed by the coming together of these various individuals. Even though beyond the community development is another purpose that Denver credit union is dedicated to which is ensuring that every individual that is affiliated with this organization has all it takes both in knowledge and structures to meet up with their financial concerns.

Community development is very strategic because it as well builds a foundation for the development of a community and in turn, helps improve the lives of the community members. It helps create diverse and strong communities that can attract and keep talent, initiate, and grow businesses, these and many more are what a community is capable of doing when it comes to community development. Community development will make citizens more comfortable staying in their community, happier, healthier, richer, and even live very long. Credit unions including Denver credit union contribute to economic development through the larger community, getting to mobilize very significant volumes of savings. 

The credit union has done well in improving and transforming the social and economic status of a lot of members, which has made many of them upgrade from a low-class level to a level of a house owner, by giving them access to affordable loans to finance a wide range of both persona and general projects. This is because credit unions organization as well as Denver credit union is different from other contemporary commercial banks, and other financial institutions since there is a lot of preference given to members in the credit union, the company is owned by members and they elect the board of directors by an election process that gets to coordinate the organization. This has really in many ways help the growth of communities even beyond Denver and Denver credit union.