The State of Michigan Department of Insurance and Financial Services has approved the formation of Superbia Credit Union, the first ever not-for-profit lender designed for LGBT customers.

The new financial institution, which is to start online services early in 2020, will serve its members with competitive rates.

“State law doesn’t protect Michigan’s LGBTQ community from discrimination in the workplace and public accommodations... It’s burdensome that gay and trans Michiganders must depend on private businesses to take it upon themselves to provide equal treatment to employees and consumers,” Senator Jeremy Moss (D-Southfield) was quoted as saying by the Oakland Press.

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He added: “Fortunately, many LGBTQ business owners and entrepreneurs have stepped up to specifically cater to the needs of our community, and I’m especially excited to welcome in Superbia Credit Union to Michigan as a safe space to bank and obtain lines of credit without fear of discrimination.”

The credit union says it will use its profits to fund direct benefits for its members and for grants to organizations that support LGBT-related initiatives.

According to the founder of Superbia Credit Union, Myles Meyers, it will offer products which are often outside the scope of a more traditional lender, such as loans for transgender people in the process of transitioning.

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“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” said Meyers as cited by Bloomberg. “If I walked into the same institution with my husband, we can come across different responses and welcome. And this is where it all starts to change for the community.”

The combined buying power of the US lesbian, gay, bisexual and transgender adult population was estimated at $987 billion in a 2017 projection by Witeck Communications.

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