Everest Federal Credit Union (EFCU) is a first-ever autonomous financial institution formed by Nepali people outside of Nepal. It is our dream to establish our own financial institution in USA to help our community members financially. Keeping them in mind, following will be key mission, vision, principle and values of EFCU:
Strengthen economic capabilities of Non Resident Nepali living in USA
We the Nepali, By the Nepali and For the Nepali.
Community first – individuals and families sustain only if community sustains.
Optimism – Pessimism will pull back while optimism will push ahead.
Listen, then talk – Listen in full, have appropriate knowledge and confidence on what to talk, and then only talk.
Transparency for Integrity – Transparency is a key to prosperity and integrity.
Get the job done – Not just plans, but get them done in practical.
Impartiality – equal and respectful treatment to everybody with absolute fairness.
Increase an average number of savings per household to improve the financial strength of targeted families.
Implement & launch products and services essentials for members’ community.
Improve members’ financial- capability through shared ownership in the organization.
Provide financial education to the community.
Serve members in the community who are not served by commercial banks
Community Help EFCU aims to help Nepali community in USA in the following manner:
Promote thrifts amongst the community members,
Enable members to obtain loans at a fair and reasonable interest rate,
Use and control members’ savings for their mutual benefits,
Sponsor community events,
Provide scholarship and fellowships to the students,
Provide internship to the students, and
Train and educate members for wise use of their earnings.
EFCU’s Strength One of the primary strengths of EFCU is the familiarity of its potential members – the Nepali Communities in USA – who already have dealt with or have knowledge of cooperative banking in Nepal. EFCU will simply have to educate the potential members about the similarity of Nepali cooperative banking and the credit unions in the USA in principle, and vast banking services EFCU can provide to the members. Then, it is assumable that, people who already dealt with cooperative banking in Nepal may more easily be convinced of benefits they will get from EFCU. Following are other key strengths EFCU have with the potential members:
Language communication – The staffs of EFCU will speak the language (Nepali) of its potential members, which will ease the members to deal with EFCU.
Community identity – EFCU will be similar to a community bank for the members as no other such financial institution exist in Nepali community in USA.
Community movement – After EFCU initiated formation of credit union, the Nepali communities across USA have been involved in several ways to generate funds and promote EFCU. It has established a movement within the communities with great hopes.
Community Volunteers – EFCU survey result shows that 221 out of 380 respondents or 54% showed their willingness to volunteer. As such, EFCU will be able to mobilize volunteers across USA so that they could involve in marketing, building membership, donation collection and other societal activities.
Community Based Media Support – Nepali community based media organizations committed to provide continuous free of cost advertisement promotion into their news portal. These commitments are incorporated into marketing plan report.
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