Arlo Washington took charge of his younger siblings at a relatively young age when his mother passed away while he was just 17 years old. At the age of 19, he moved from Little Rock to New York, where he worked as a barber and fashion model.
Later, after returning to his hometown to finish college, Washington opened his own barbershop with the help of a student loan. After over ten years, he now owns seven other barbershops, employs close to thirty people, and runs a barber college.
“I started cutting hair when I was 19 years old,” he told Kark. “I barbered for two years and then I opened my own barbershop. “
Washington claimed that when he first sought for a student loan, he lacked any financial literacy. During his commercial endeavors, he gained knowledge of finance, but he would later find out that there many more people like him who lack even the most fundamental financial education.
As the last payday loan establishment in Arkansas stopped for operation, a large number of people flocked to Barber College in search of loans. This is when he first spotted it. He provided low-interest, small-dollar loans to customers using the $1,000 he set aside each month as proceeds from his barber academy.
The People Trust Community Loan Fund replaced the “table-top” loan disbursement plan. According to Black Business, this eventually served as inspiration for him to establish a credit union that permits customers of loan funds to open savings accounts.
His People Trust Community Federal Credit Union was afterwards created. It was one of only four (4) new credit unions chartered in the US in 2022. In North Little Rock, Arkansas, it offers a full-service credit union that gives low- and moderate-income neighborhoods access to finance. Also, the company serves over 5,000 clients and has lent money to over 2,600 small enterprises.
According to Talk Business, People Trust will fight for equal access to financial services for all people. One of its main objectives is to address and remove economic barriers by providing underserved and underbanked people with simple access to financial possibilities. “By giving minorities equal access to financial services, we eventually empower our entire community,” says the author. stated Washington.
He gave the first 100 customers who opened an account at People Trust’s grand opening a $100 deposit. Customers can get loans for new and used cars, personal loans, checking and savings accounts, credit cards, Certificates of Deposits (CDs), and other services from the credit union.
People Trust stated in a press release that its mission is to eliminate racial disparities in economic inequality in underprivileged neighborhoods and populations that are ignored by traditional financial institutions.