Geoff Bullock is a 33-year-old Financial Education Specialist at Firefly Credit Union ($1100M) in Burnsville, Minnesota, United States.
Bridging the Gap
Creating an adoption loan model to assist potential adoptive families that is replicable for credit unions in every community.
The number of children awaiting permanent families in the U.S. is growing while adoption rates are decreasing. According to two local Minnesota adoption agencies: the biggest reason is a lack of liquid assets to cover the time sensitive costs of the adoption process. This massive gap between potential adoptive families and waiting children is a great opportunity for the credit union movement to remind our nation why we are so special. We have a history of serving those that others see as insignificant or forgotten, and waiting children often fit that category.
What if credit unions in communities across the nation used Firefly's easily replicated adoption loan model to serve families in their community? Research suggests such loans would be a win for all involved. Credit unions would increase our field of membership with responsible, well vetted borrowers with substantial income. Potential adoptive families would get the money they need to complete their home study, pay legal fees, pay for costly travel and placement fees. Last, but not least, children who are currently waiting for a forever home can have a forever family!
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