What could possibly go wrong?
Via SF Weekly:
A few weeks ago, we got a real kick out of the fact that Occupy Oakland deposited a $20,000 donation it received into Wells Fargo — one of the many big banks the movement has been actively protesting since September. Say what you want about Occupy SF camp (it’s dirty and filled with homeless people) — at least protesters there are practicing what they preach.
Members of Occupy SF announced their ambitious plans to turn protesters into bankers by creating the People’s Reserve Credit Union. […]
Other plans include:
- Accumulate capital assets of $7 million or more, through investments by different organizations, members, et al.
- Open two credit union branches within the city of San Francisco. The first branch location in the mid-Market Street corridor , in the former Social Security Administration storefront (MOCD) , with the assistance of other local nonprofits. Each branch will have a cafe within it and a commercial kitchen available to rent.
- The credit union will employ students and homeless, creating 60 part-time jobs.
- Issue 300 to 500 micro-enterprise loans (max. $5,000).
- Add 1,000 people overall to the city employment payroll.
- Finance and start a food co-op large enough to support a neighborhood.
“Out in the Excelsior, we’re underserved by traditional banks. . . . We have a lot of the same kinds of businesses. Whenever we have a storefront open up, I always expect it’s going to be filled by a 99-cent store — and it too often is,” Supervisor Avalos said. “There’s a real need to have more diverse neighborhood-serving businesses.”