One of the most important things for regulators is a survey of the local community. One, it establishes whether there is an interest in having a Credit Union in the first place and two, it helps provide the basis for financial projections. Jim, our contact at the NCUA, worked hard making sure our survey was able to fit both these criterion. We liked the results (enclosed is a link is the survey).
Now we have to translate it into Spanish so we can canvas both English and native Spanish speaker. We decide the split our efforts in getting it filled out. In addition to ourselves, we hire several high-school students to be friendly survey takers at the local Rutgers fair and folk fest. At the fair we were blessed with sunshine, throngs of people aged 1 to 97, and survey takers who made people feel right at home. Never underestimate the power of smart motivated high schools girls in shorts, and a good looking Rutgers man. We were amazed at the response and how much of the survey people were willing to fill out. Most even chose not to remain anonymous.
Phase 2 was to join forces with local churches and synagogues to reach out to their congregations to fill out surveys. As with all surveys, they have a choice of English and Spanish and everyone who lives – works – worships or is involved in anti – poverty programs in New Brunswick or Highland Park is welcome to fill one out. We are asking them to fill out survey regardless of whether they would be interested in the credit union- we still want to know about them.
We now have 300 of the 500+ surveys we promised the NCUA. It is now a statistically significant sample.
Phase three is to hit the local farmers markets and Spanish speaking local businesses.
We are on our way……