Black Business Spotlight: Arise Community Credit Union Is Building Financial Access From the Ground Up in Minneapolis
In this Black Business Spotlight, contributing writer Lizzy Nyoike profiles Arise Community Credit Union, a Minneapolis institution founded through the Association for Black Economic Power in response to community surveys following George Floyd's murder, now offering membership, low-barrier accounts and the Phoenix Loan program to residents in Hennepin and Ramsey counties.
In the years following the murder of George Floyd, conversations across Minneapolis have centered on healing, rebuilding and addressing longtime inequalities within Black communities. For leaders at Arise Community Credit Union, one of those inequalities was financial access.
Founded through the efforts of the Association for Black Economic Power, also known as ABEP, Arise Community Credit Union was created to serve residents who have historically felt excluded from traditional banking systems.
“The groundswell movement to create a specific credit union for the needs of the underserved in Minneapolis actually came about as a result of what occurred several years ago with George Floyd,” said Francis Odhiambo, interim CEO of Arise Community Credit Union.
According to Odhiambo, ABEP conducted surveys throughout the community following Floyd’s murder. One message appeared repeatedly: residents wanting a financial institution that understood and reflected the needs of the community itself.
“One of the overwhelming responses that we got from the community is that the community would love to have a financial institution that would cater to what the needs of the community would be,” Odhiambo said.
That feedback became the foundation for Arise Community Credit Union.
ABEP worked alongside the Minnesota Credit Union Network to charter the credit union, with a goal of building a community-rooted alternative to traditional banks. Arise was officially chartered in March 2024 before opening its doors in June 2025.
Today, membership is open to anyone who lives, works or worships in Hennepin or Ramsey counties.
Beyond opening member accounts, leaders say the mission is centered on rebuilding trust in communities where banking relationships have historically been strained.
“What often gets blurred is there’s what we would term in the industry as the unbanked, then you also have the underbanked,” Odhiambo said.
According to the Federal Deposit Insurance Corporation’s 2023 executive summary, 4.2% of U.S. households, representing about 5.6 million households, were unbanked in 2023, meaning no one in the household had a checking or savings account at a bank or credit union.
While underbanked households may have accounts, some rely on alternative financial services such as payday loans or check-cashing services.
Odhiambo said many residents lose trust in financial institutions after repeated loan denials or negative banking experiences.
According to the same FDIC executive summary, the most cited reason for unbanked households to not have a bank account was not having enough money to meet minimum balance requirements, at 40.6%. The second most cited reason, at 39.7%, was a lack of trust in banks.
Rather than offering what Odhiambo described as “cookie cutter” financial products, Arise says it is working to create programs specifically designed around the realities many community members face.
One of those programs is the Phoenix Loan, aimed at helping people rebuild damaged credit histories and eventually work toward long-term goals such as homeownership.
The program operates in partnership with ABEP’s Financial Empowerment Center, which provides financial literacy education and coaching alongside lending support.
For Arise, education is just as important as access to capital. Odhiambo said many people are never formally taught how credit systems or banking structures work.
“Someone has to take the lead and walk people through how things formally happen in businesses,” he said.
The credit union also emphasizes accessibility. Odhiambo said Arise works to maintain low barriers to entry through lower account minimums, reduced fees and remote access options that allow residents to open accounts online through their phones.
Odhiambo believes trust grows when people feel heard and seen. Unlike traditional banks, credit unions operate as member-owned institutions rather than shareholder-driven corporations. Odhiambo said that distinction allows Arise to prioritize sustainability and community impact over maximizing profits.
As Arise Community Credit Union continues to grow, leaders say the long-term vision remains rooted in expanding access, strengthening financial literacy and building a financial institution designed with the community in mind.
Lizzy Nyoike is a Hubbard School of Journalism & Mass Communication student and contributing writer for the Minnesota Spokesman-Recorder.