Frankenmuth Credit Union adds branch to new mixed-use facility
FRANKENMUTH, MI (July 16, 2018) — When the new Saginaw Vocational Rehabilitation Center (SVRC) Marketplace in downtown Saginaw opens in June, shoppers will have access to financial services as well. Frankenmuth Credit Union will be moving into the $22M renovation of the old Saginaw News building, providing members access to the branch through the indoor market. FCU will offer normal branch amenities including a waiting area, a coin machine, and a walk up ITM (used as ATM after hours). The ITM was purchased with help from a $25,000 NCUA Underserved Outreach Grant that was awarded to Frankenmuth Credit Union in 2017.
SVRC Inc. is a non-profit organization located in the City of Saginaw that helps to create employment opportunities for persons at risk and provides access to community services. To build on its mission, SVRC Inc. purchased the building for $500,000 to offer healthy food options, integrated jobs, supportive services, and vibrant gathering spaces in a single downtown development. Shoppers can experience 30 vendors focused on a wide variety of retail offerings and prepared food such as African cuisine, sushi and sandwiches, fresh produce, meat, desserts and other goods.
“Centrally locating our services in the heart of a Rust Belt city fits into our mission as a credit union to be a vital source of banking for people of modest means.” Said Vickie Schmitzer, Frankenmuth Credit Union CEO.
The marketplace is approximately 2700 square feet that includes an outdoor venue for the Downtown Saginaw Farmers Market. The building will also feature two incubator kitchens, food storage and preparation areas available to vendors who utilize the farmers market.
Frankenmuth Credit Union has a loan product that could help vendors who produce and sell organic fresh food at the market. The MIGrow small business loan was created from a $2M U.S. Treasury grant awarded to Frankenmuth Credit Union in 2016.
“Most Michigan cities including Saginaw have been deemed a federally designated food desert, these communities lack access to fresh food and the SVRC Marketplace will be a critical asset to this community.” Schmitzer added
About Frankenmuth Credit Union
Frankenmuth Credit Union was organized in 1964 by the employees of the Carling Brewery and Star of the West Milling Company to serve the brewers and millers of the Frankenmuth area. Frankenmuth Credit Union now proudly serves the entire state of Michigan - with over 68,000 members and branch locations in Bay, Genesee, Huron, Ogemaw, Saginaw, Shiawassee, and Tuscola counties. Frankenmuth Credit Union spotlights financial services as well as insurance, trust, and investment solutions, for both consumers and businesses.
