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 BizIncubator’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 the BizIncubator 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 for submission to National Credit Union Association (NCUA) to establish 501cFCU™ as a national Federal Credit Union began well over a year now. Next step is presenting our Pre-Charter Application which includes letters of supported received as of May 2024. 501cFCU™ is being established as a FinTech Federal Credit Union because this segment of the small business community is largely ignored, underserved and excluded from most small business grant & technical assistance offerings, that include lending programs.
Rather than beg to be included, the BizIncubator will share what is known and create what is needed and keep it moving. That a dedicated banking facility with other go-to resources for the exempt business concern, or specifically targeting the 501c startup & entrepreneur was needed is an understatement. Now we’ll have one.
HOW TO SUPPORT
As of this writing there are several 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.
Participation.
There will be many ways to actively participate in getting 501cFCU established. Starting out, interviews are underway to convene our new FCU’s Charter Formation Committee (CFC), which is the Phase II following Acceptance of Pre-Charter Application by NCUA.
Some banking and/or credit union experience is required, with current or previous Lay Person Membership in an FCU is welcome.
Write a Letter of Support (LOS)
Letters of Support are welcomed and the NCUA want to see what kinds of request to help establish the validity of chartering a federal credit union is out there throughout the Chartering process. 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.
We’d Appreciate Financial Support, Thank You In Advance For Considering.
Contributions will be use for operations, funding capabilities, the construction of its home facilities or stipends and general/initial operating cost. Letters of Commitment to facilitate 501cFCU’s actual launch and its delivery of banking services is also welcome, and NCUA will be welcoming of all of these and more.
The BizIncubator as a Stripe Partner has a secure direct link for those interested in contributing financial support in the amount desired. Here’s our link is click here to donate via Stripe Checkout
Crowdfunding is also being considered, but at this time direct contributions and Letters of Commitment (LoC) are preferred.
Feel free as well to email ISupport@501cFCU.org to request the donation form. EEF-501c 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. All contributions will be followed up with an acknowledgement and our tax-exempt info — do consultant with a Tax Professional regarding your tax deduction activities.
Buy a T-Shirt!
The 501c Business Incubator Council has just launched the first of many online stores to generate revenue that will help support is pre-launch compliance filings, Intern/Fellowship staffing, our Helping Hand Fund to assist with small dollar billables, and other needs as we move toward full operations.
We have T-Shirts for the FCU. our national chamber and founders association both of whom launch later this year with more T-Shirts coming!
You can purchase from our Bonfire Store, visit us today! Logos 4 Charity – Helping Exempt Entrepreneurs
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.
Meantime, check back under MERCH on our Where to Find us Page, we’ll be publishing more connections to more stores there as they go live!
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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