America's 1st LGBT Bank Gets Go-Ahead, Offers Special Loans for Transgenders
Specialised bank given green light in Michigan
A new credit union for the LGBTQ community has been given the go-ahead in the state of Michigan, according to reports.
The specialized service will tailor products for LGBTQ people, including offering loans for transgender people who are in the process of transitioning.
The state approved a charter for the new financial institution for LGBTQ customers of Michigan Department of Insurance and Financial Services on Monday.
The special online service, create by Superbia Credit Union, could be launched by 2020.
Founder of Superbia Services Inc., Myles Meyers, told Bloomberg:
"I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem."
"If I walked into the same institution with my husband, we can come across different responses and welcome," he added.
"And this is where it all starts to change for the community."
Meyers said that Superbia plans to expand its services offering products to LGBTQ people, these would include:
- Health care
- Wealth management
There is also a financial incentive to offer banking services targeting LGBT directly, according to Bloomberg.
The combined buying power of the LGBT community was estimated at $987 billion in 2017, according to Witeck Communications.
According to Myers LinkedIn profile, he was inspired to start Superbia by the 'sheer lack of needs and equal treatment of the LGBTQ being addressed and provided for in banking, insurance, healthcare, and other fundamental services.'
"Superbia is a first-in-the-world. Superbia uses a unique structure of commercial and social entities designed to unify the community, deliver banking, insurance, healthcare and other services that actively address, solve and service the needs of LGBTQ individuals, families and businesses."
"As the world’s only LGBTQ profit-for-purpose provider, Superbia is here to force the needed systemic change in banking, insurance, and healthcare and install a new paradigm in funding LGBTQ social equality."