Welcome!
Thank you for visiting and Welcome to the first website for The 501c Federal Credit Union (501cFCU), Inc.™.
The 501cFCU™ was formed as a dedicated financial and banking institution to serve new, future and existing tax-exempt entities. Membership will automatically welcome members of our National Chamber of Tax-Exempt Small Businesses (NCTSB)™ and the Association of Tax-Exempt Startups & Entrepreneurs (ATESE)™, assuring this segment of the small business community has direct access to banking and lending services focused on the unique needs and challenges we have as both a tax exempt organization and startup/small business concern.
We are pursuing NCUAs Common Bond Credit Union Charter, with the “common bond” being that of entities pursuing or in possession of their IRS recognized 501c Tax Exempt Entity. 501c Startups, Entrepreneurs & Small Business are both typically and consistently excluded from the same lending, grant consideration and startup technical assistance offerings as their For Profit Siblings. This occurs in equal measure by policy as it does by Federal and State legislation.
As such, The 501cFCU™ along with the National Chamber and Membership Association it will serve, are all first of their kind entities established to specifically support the 501c segment of the small businesses market. This need, further validated by published notifications of grant and technical assistance exclusions from the Federal level downward both justifies the need for our own banking institution and for pursuing its Charter as a Common Bond Field of Membership type.
A BRIEF HISTORY
501cFCU™ is part of Economic Empowerment Foundation for Exempt Startups & Small Businesses™ growing Collaborative of charities working to eliminate resource gaps, funding exclusions, and access denial to assets required to perform the business side of their tax-exempt operations its parent encountered as a volunteer. This “Collaborative” is the charitable operations of is founding and parent entity, The 501c Business Incubator Council, LLC™, a 47-year old consultancy that originated as a pre-teens volunteer work with startups and small business concerns. That volunteer effort included using personal funds, W2 & 1099 earning, tax refunds, school refunds and birthday gifts to help cover small expenditures of struggling startups and small businesses, a pre-cursor to its small dollar lending and banking service pursuits.
This effort morphed into a strategic charitable movement to empower and level the playing field specifically for tax-exempt startups, entrepreneurs, small & growing business concerns across the country when the pattern of exclusions due to tax-exempt status was observed then experienced directly. Those exclusions never stopped, those barriers are still in place.
As the LLC’s lead charity, EEF-501c™ primary work is as Fiscal Sponsor and mentor in addition to its economic development program design, the LLC’s small $1 lending program (now called The Helping Hand Fund™) continues its grass roots support that actually began when its Founder was in high school. Other Foundation efforts include co-developing workforce training, media/publishing services, and channel marketing with/through the LLC whose role functions like GSA managing resources, legalities, compliance, assets, and developing/deploying solutions required by Startup & Small Business Stakeholders to remain active despite challenges presented c/o politics & legislation.
GROWTH & EXPANSION
EEF-501c™ is now in Phase III of a Multi-Phase/Multi-Year Strategic Plan and massive expansion that saw the elevation of each primary service or business function into what has become a “Collaborative” of charitable organizations. A national Chamber, Founders Association, and a host of other gap-filling org & org-level charitable programs, initiatives, services only scratches the surface. On equal par and in conjunction with our economic development work are the other operations including job, career track and discipline specific workforce training rounding everything out including the delivery of technical assistance services/supports. This is deployed through our Fellowship Academy for Leadership & Business Continuity™ to:
- substantially increase its operating capacity,
- expand the amount of tax-exempt startups & small businesses its able to help at any given time, and
- assure this body of technical, financial, peer support, and professional & economic development continues well beyond its Founders’ presence and abilities
EEF-501c™ continues it support and mentorship role as Fiscal Sponsor serving both External Applicants and Referral as well as ANY Sibling Charities (SC) formed by its parent LLC deemed necessary to the furtherance of its charitable work. Unless otherwise noted, Sibling Charities will be fiscally sponsored until such time receipt from the Internal Revenue Service (IRS) of their Letter of Determination approving their Form 1023-24 Application for Tax-Exempt Status.
The Charter formation process with the National Credit Union Association (NCUA) to establish 501cFCU™ as a national Federal Credit Union began well over a year now. It was established as a Federal Credit Union to be THE dedicated banking facility and go-to resource for ALL IRS recognized Tax-exempts, targeting 501c startup & small business — a market its LLC parent has served as volunteer work in the 70’s.
HOW TO SUPPORT
As of this writing there are three ways you can support this effort to establish a first of its kind Credit Union specifically to eliminate the financial services chasm 501c Startups, Entrepreneurs & Tax-Exempt Small Business live in. First is Participation. Interviews are underway to convene our new FCU’s Charter Formation Committee (CFC), some banking and/or credit union experience is required.
Second, write a Letter of Support (LOS) which the NCUA request to help establish the validity of chartering a federal credit union. Letters of Support for establishing a first of its kind FCU dedicated to the 501c startup/small business are being graciously accepted by its lead charity and fiscal sponsor, Economic Empowerment Foundation for Exempt Startups & Small Businesses, and its parent entity/Founder, The 501c Business Incubator Council, LLC. In keeping with NCUA requirements, kindly email your LOS on your organizations letterhead, and your personal letterhead if you’re an individual. The email address is to ISupport@501cFCU.org.
Third, Contributing Financial Support toward its operations, funding capabilities, the construction of its home facilities or stipends and general/initial operating cost. Crowdfunding is being considered, but at this time direct contributions and Letters of Commitment (LoC) are preferred. For security, kindly we will be accepting online donations in the future but as of this posting, feel free to email ISupport@501cFCU.org to request the donation form. The Foundation is fiscally sponsoring The 501cFCU along with ALL its sibling charitable endeavors, as such contributions falling within the IRS guidelines will be tax-deductible at the 50% level until each entity receives its own Letter of Determination.
Kindly return to visit our Founding Supporters page for the most current and up-to-date information. As details on and contact information for our fundraising initiatives are finalized, that information, along with the Names of our Supporters, be they Individual, Group, or Organization, will be published on this site before any other venue or website is updated.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thank you in advance for visiting and supporting our work. It is sincerely appreciated.
And please be advised, this site is live for info presentation but still under construction.
Thank for your patience.
The All Volunteer Team