Wednesday, October 12, 2005
# posted by walter @ 4:29 PM 
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United Affirmative Action Development Corp (UAAD), with the assistance of its affiliates, will negotiate agreements under the guidelines of the Community Reinvestment Act of 1977 (CRA) to provide low interest loans to our members for the purpose of 1) establishing or improving businesses, 2) purchasing homes or automobiles, and 3) other projects that will benefit our members and the community.
UAAD will establish local bank loan committees made up of paid members of the community plus officials from the bank. The bank will be expected to approve loans that are favorably reviewed by this committee.
UAAD will seek its membership among those who have been under-represented by banks, especially those in the African American community and those having low or moderate incomes.
An additional goal of UAAD is to negotiate an agreement with a major bank that will establish an intern program at Historic Black Universities centered on learning the banking industry and the regulations as expressed under the CRA.
UAAD’s goals can only be accomplished with our potential members joining together, withdrawing monies from banks that are not properly serving them, investing in our participating bank in order that together we can negotiate the best of interest rates for our members.
Our aim is to convince the participating bank that our members are a better risk because we are basically borrowing members’ monies. UAAD will also micro-manage loans approved by its committee(s) in order to meet the bank’s requirements of sound business practice as required under “CRA”.
Due to previous red-lining by banks in general and minorities’ fear of banks, UAAD will fill a void and create a relationship with the community and participating bank that has never been realized.
Our intent can only be accomplished with a combined effort of many community organizations, civil rights organizations and key individuals in the various communities working in union to accomplish stated goals.
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UAAD will establish local bank loan committees made up of paid members of the community plus officials from the bank. The bank will be expected to approve loans that are favorably reviewed by this committee.
UAAD will seek its membership among those who have been under-represented by banks, especially those in the African American community and those having low or moderate incomes.
An additional goal of UAAD is to negotiate an agreement with a major bank that will establish an intern program at Historic Black Universities centered on learning the banking industry and the regulations as expressed under the CRA.
UAAD’s goals can only be accomplished with our potential members joining together, withdrawing monies from banks that are not properly serving them, investing in our participating bank in order that together we can negotiate the best of interest rates for our members.
Our aim is to convince the participating bank that our members are a better risk because we are basically borrowing members’ monies. UAAD will also micro-manage loans approved by its committee(s) in order to meet the bank’s requirements of sound business practice as required under “CRA”.
Due to previous red-lining by banks in general and minorities’ fear of banks, UAAD will fill a void and create a relationship with the community and participating bank that has never been realized.
Our intent can only be accomplished with a combined effort of many community organizations, civil rights organizations and key individuals in the various communities working in union to accomplish stated goals.
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