Low-Income Credit Union exceeds expectations

from TULIP

The founders of TULIP Credit Union (Thurston Union of Low Income People) had a hunch that "if they built it, people would come." One year after opening its doors, that's proven true. TULIP announced today that in its first full year of operation, the credit union has exceeded its membership goals.

TULIP Credit Union opened in December 2003 as the first new credit union in Washington in more than ten years. It is the only credit union in the state with the unique mission to serve low-income residents.

Membership is open to any Thurston County resident whose annual gross household income is at or less than 80 percent of the national median, approximately $35,000.

While TULIP's focus is on providing services to low-income residents, membership is also open to members of the Olympia Food Coop. The Olympia Food Coop's eastside location houses the TULIP branch. Many TULIP members have joined because they want to conduct their financial services at an institution with a community-minded mission, and not because they meet the income requirements.

"Beating our first-year membership goal is an exciting milestone for us," said Darlene Morales, TULIP's CEO. "The community response has been very positive. We've laid a great foundation and now need to build on it to reach more people."

TULIP's message of equalizing economic power and helping the local economy sustain itself has been a draw for many Olympia residents as evidenced by TULIP's outstanding membership growth for its first year of operation. Membership exceeded expectations by 12 percent by the end of 2004.

"We've had some great success stories of helping reach people who traditionally have not been the target customer for more traditional financial institutions," Morales said. "We're really filling an important niche for many people. TULIP offers an alternative to people who want to make a difference in their community even while doing something as routine as their banking."

TULIP Credit Union is a not-for-profit financial cooperative located at 3111 Pacific Avenue in the Olympia Food Coop. TULIP is dedicated to meeting the financial needs of the underserved. For more information call at (360) 570-2292.