Chicagoans honor Dr. Martin Luther King Jr. on 60th anniversary of 'I Have a Dream' speech
Chicago faith leaders open credit union to bring financial opportunity, hope to West Side
West Side faith leaders took to the streets of Chicago on Monday, just a stone’s throw from where Dr. Martin Luther King and his family took up residence in 1966—marching toward the fulfillment of a dream; a new credit union in Austin and with it access to loans and credit and banking that doesn’t require traveling far from home.
CHICAGO - It has been 60 years since Dr. Martin Luther King Jr.'s March on Washington, and Chicago marked the occasion on Monday.
To commemorate the anniversary, a financial institution has committed to put a million dollars into the West Side.
Chicago was once home to King for a time in the 1960s. Now, it is going through what they call a rebirth.
Minsters of The Leaders Network have partnered with the Great Lakes Credit Union. In the spirit of Dr. King, they marched on Monday from Pleasant Ridge Baptist Church to the corner of Madison Street and Central Avenue, where the future home of The Leaders Network Financial Credit Union will be.
"We’re looking at a financial desert where people cannot get credit to do home improvements, to expand their businesses to get loans and what we’re going to create is a financial institution led by civil rights leaders and social justice activists who are committed to creating a financial institution," said David Cherry, organizer.
To mark the grand opening, the Leaders Network Financial Credit Union deposited $250,000 — all part of a plan to showcase how investment in communities of color can pay dividends.
"They’ll be able to expand their businesses," said Cherry.
Dr. King once famously said: "If democracy is to live, segregation must die." Today’s event delivered that message in dollars and cents.
"When we’ve had conversations about segregation, we mean segregation, not just racial segregation but segregation from opportunity and from capital, so this is a game changer," said Pastor Marshall Hatch from New Mt. Pilgrim Church.
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The credit union will open doors to the tools to secure loans and businesses, which is what King envisioned for the city's West Side.
Leaders Network founders Rev. Hatch and Rev. Ira Acree said the new credit union will open what Dr. King called "the vaults of opportunity."
West Side residents have reason for optimism, as what was a financial desert may soon become an oasis.
"We have a new community center going up on Madison and Kildare which is already designated to become the second branch of Leaders Network Financial Credit Union and so all of that is going to create a tremendous amount of momentum and a lot of hope for people in a place that has been desperate for it," said Rev. Hatch.
The credit union promises to invest in the community and advance financial literacy.
The Leaders Network hopes neighbors will see that Dr. King’s dream still lives on the West Side.
It is scheduled to open in Feb. 2024.