Over 100 million people in the United States are served by over 5,000 credit unions. One of the many reasons why they have become so popular in recent years is that they are owned by members. Entrepreneur Yemani Mason is well on his way to opening a credit union to provide people with financial services.
Since he was a young boy, Mason has always had an entrepreneurial spirit. He went to Florida International University to get a Bachelor of Science in International Business and Management so that he could learn how to start and run successful businesses. Mason was one of the founding members of FIU’s Phoenician Investment Fund, a student-run organization that uses simulations to teach its members about investing and finance. After graduating, he started several businesses, including Secure The Funding, Azure Financial Solutions, MBC Media Group LLC, and VestMunity. After watching his mother, a realtor, work, he started one of his first businesses. He made the decision to get into mortgages to help her succeed by assisting her clients, the majority of whom were first-time homeowners, in purchasing a home.
He was of the opinion that banks were not entirely accessible to low-income individuals as he helped them obtain mortgages. All of his mother’s customers complained about the high interest rates charged by banks. They all desired a location with better interest rates so that they could realize their homeownership goals more easily. He made the decision to start a bank to help people like his mother’s customers become financially independent. He considered various options for a while before settling on a credit union as the best option.
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