Unique financial services will help entrepreneurs of color

MADISON, Wis. — Summit Credit Union said today that it will open a branch in the Black Business Hub development in South Madison to support the Urban League of Greater Madison’s plan to substantially increase Madison’s opportunities for entrepreneurs of color.

Summit will formally announce the new branch at the groundbreaking ceremony Friday for the Hub’s $25.3 million development on Park and Hughes Streets in South Madison.

“We are excited to place a Summit branch in the Hub as part of our commitment to economic development by leveraging our many financial wellness programs and products to assist businesses, entrepreneurs and families with their financial needs and with making good financial decisions,” said Kim Sponem, CEO and President of Summit Credit Union. “This branch builds on our $2 million founding donation at the nearby Center for Black Excellence and Culture and our recently announced student-run branch at One City Schools as another investment in our community to help strengthen financial knowledge and financial security.”

The Hub will feature below-market-rate rents for minority-owned businesses in an accelerator for entrepreneurs who are past the incubation period and need capital to establish storefront locations and the ability to scale up, said Sponem.

“This partnership extends our longstanding relationship with Summit Credit Union that has included financial wellness education and access to financial services across the Urban League’s range of adult and youth employment and homeownership programs,” said Dr. Ruben Anthony, President and CEO of the Urban League of Greater Madison. “Having Summit Credit Union locate in the Black Business Hub brings innovation and opportunity that is synergistic with The Hub’s goal to help small businesses and emerging entrepreneurs access capital and build strong financial services relationships.”

Summit, Wisconsin’s No. 1 Small Business Administration (SBA) lender among credit unions for the 11^th consecutive year, said the branch will provide convenient banking services and lending opportunities and feature its well-known financial wellness training and coaching. Summit’s resources will complement efforts by the Wisconsin Women’s Business Initiative Corporation.

Summit joins Dane County, the City of Madison, American Family Insurance Institute for Corporate and Social Impact, the Pleasant Rowland Foundation, The Wisconsin Economic Development Corporation (WEDC), CUNA Mutual Foundation, gener8tor, Exact Sciences and others as supporters of the project.