Cleveland Selfreliance Credit Union

What Cleveland Selfreliance Credit Union does

Cleveland Selfreliance Federal Credit Union is a federally chartered, member-owned cooperative financial institution founded in 1964 and headquartered at 6108 State Road in Parma, Ohio. It operates three branches across Northeast Ohio (Parma, Lorain, and North Canton) and serves the Ukrainian-American community, with bilingual English/Ukrainian website support and an explicit board- and staff-level public stance in support of Ukrainian independence. The institution is federally insured by the NCUA, with member deposits covered up to $250,000 per account.

The credit union offers a full suite of traditional consumer and small-business banking products. Deposit products include Regular Shares (tiered savings at 0.25-0.35% APY), Share Draft checking (0.15-0.25% APY), Certificates of Deposit (4.00-4.25% APY across 6-24 month terms, $500 minimum), IRAs, and custodian accounts for minors. Lending products include 15- and 30-year conventional mortgages (5.49% and 5.00% fixed respectively), a Home Equity Line of Credit up to $200,000 at 4.75%, new and used auto loans (4.75%-9.25% depending on year and term), personal loans up to $5,000 (8.75%-10.75%), share-secured loans at 3.75%, certificate-secured loans, commercial loans, and a VISA credit card. Mortgage lending is geographically restricted to properties located in Northeast Ohio. Service-layer offerings include direct deposit of Social Security and federal payments, safe deposit boxes, money orders, MAC ATM network access, and complimentary life insurance up to $2,000 per member.

The technology stack is built entirely on third-party platforms rather than proprietary systems. Online banking is delivered through the Financial-Net platform with multi-factor authentication required from May 26, 2026 onward. Mortgage and home equity applications are accepted through the GONMS loan origination system, by email, or in person. There is no mobile banking app, no public API, and no disclosed AI or ML capabilities. The business model is a standard credit union net-interest-margin model: earnings from loan interest income are redistributed to members via higher savings/CD rates and lower loan rates, supplemented by transactional fees (insufficient funds $18, wire transfers $30, stop payments $15, research $25/hour, membership fee $3, account opening $1). Revenue figures are not publicly disclosed. Go-to-market is community-led and word-of-mouth, with no identified paid digital marketing channels.

Name

Cleveland Selfreliance Credit Union

Legal name

Cleveland Selfreliance Federal Credit Union

Website

https://clevelandselfreliance.com

Company type

Private

Founded year

1964

Operating status

Operating

Short description

Cleveland Selfreliance Federal Credit Union is a federally chartered, member-owned credit union founded in 1964, serving the Ukrainian-American community in Northeast Ohio through three branches (Parma, Lorain, North Canton) with standard consumer and small-business banking products delivered via third-party digital platforms.

Ownership category

akta.pro rank

Product category

Community Credit Union (Retail Banking)

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Faith-Based & Affinity Credit Unions (FSABAEAH)

akta.pro secondary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Community credit union
• Retail banking services
• Consumer lending products
• Mortgage lending services
• Deposit account services

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Loans: The credit union generates revenue primarily through interest earned on various loan products including mortgages, auto loans, personal loans, and home equity lines of credit. Rates vary by product type and term length.
2. Fee-based Services: Revenue generated from various banking fees including insufficient funds items ($18), ACH returns ($7), wire transfers ($30), money orders ($0.50), certified checks ($1), account research ($25/hour), stop payments ($15), and returned deposit items ($7).
3. Member Membership Fees: Selfreliance Association Membership Fee of $3.00 and Open Account Fee of $1.00 charged to members.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels1 record

Core offering

Cleveland Selfreliance Federal Credit Union is a member-owned, federally insured credit union providing deposit accounts (Regular Shares, Share Draft checking, Certificates of Deposit, IRAs, custodian accounts for minors), loan products (conventional mortgages, HELOCs, auto loans, personal loans, commercial loans, share loans, certificate loans, VISA credit cards), and ancillary banking services (direct deposit, safe deposit boxes, money orders, MAC ATM access, free life insurance). Operations are delivered through three Northeast Ohio branch locations, a third-party online banking portal, and an online mortgage origination system, with service focused on the Ukrainian-American community for over 60 years.

Product overview

Cleveland Selfreliance Federal Credit Union operates as a traditional credit union serving the Ukrainian-American community, offering a comprehensive suite of financial products. The core offering centers on deposit products (Regular Shares, Certificates of Deposit, IRA, and Share Draft checking) and lending products (Mortgages including 15-year and 30-year conventional loans, Home Equity Lines of Credit, Personal Loans, Auto Loans, Commercial Loans, Share Loans, Certificate Loans, and VISA Credit Cards). The credit union provides supplementary services including Direct Deposit, Safe Deposit Boxes, Money Orders, and Free Life Insurance up to $2,000. Digital banking is delivered through a third-party platform (Financial-Net), with online mortgage applications processed through a separate GONMS portal. The institution is federally insured by NCUA and emphasizes community-based service to its members.

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Shares (Savings) Basic savings account offering tiered interest rates: 0.25% rate / 0.26% APY on balances up to $5,000 and 0.35% rate / 0.36% APY on balances over $5,000. Requires $50 minimum for personal accounts and $100 minimum for business accounts. For members of the credit union.
• Certificates of Deposit Term deposit accounts with rates ranging from 4.00% to 4.25% APY depending on term length. Available terms include 6, 12, 18, and 24 months with $500 minimum deposit.
• Individual Retirement Account (IRA) Tax-advantaged retirement savings account offered as part of the credit union's savings product lineup for members.
• Share Draft (Checking) Checking account with tiered rates: 0.15% APY on balances up to $1,000 and 0.25% APY on balances over $1,000. Requires $50 minimum for personal accounts.
• Custodian Account for Minors Savings account managed by a custodian for the benefit of a minor child, available to credit union members.
• Mortgages Home purchase and refinance loans for properties in Northeast Ohio, including 15-year conventional mortgage at 5.49% fixed and 30-year conventional mortgage at 5.00% fixed (new purchase only, up to $1M). Includes 60-day rate lock guarantee upon completed application and signed purchase agreement.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity, currently offering up to $200,000 at a 4.75% promotional rate. Available to members with properties in Northeast Ohio.
• Personal Loans Unsecured loans with limits up to $5,000. Rates range from 8.75% (12-month term) to 10.75% (60-month term). Available to credit union members.
• Auto Loans Vehicle financing for new (2024-2026) and used vehicles. New vehicles from dealerships: 4.75% for 72 months. Used vehicle rates vary by year from 5.00% to 9.25% depending on model year and term. Available to credit union members.
• Commercial Loans Business lending products for commercial purposes, offered as part of the loan portfolio for member businesses.
• VISA Credit Card Credit card issued through the credit union for member purchases.
• Share Loans Loans secured by the member's shares in the credit union, with rates of 3.75% for terms of 12-60 months.
• Certificate Loans Loans secured by certificates of deposit, with rates set at 2% above the certificate rate for terms up to 60 months.
• Direct Deposit Services Electronic deposit of Social Security checks and other federal payments, plus ACH payroll deposits for members.
• Safe Deposit Boxes Secure storage service for members' valuables and documents, available at branch locations.
• Money Orders Money order service available to members for $0.50 per order.
• Free Life Insurance Complimentary life insurance coverage up to $2,000 provided to eligible members as a membership benefit.
• MAC ATM Service ATM network access allowing members to withdraw cash from MAC network ATMs.
• Online Banking Portal Digital banking platform enabling members to access accounts, transfer funds, and manage finances online, with multi-factor authentication required for all users starting May 26, 2026.

Quantifiable outcome

• Deposit insurance up to $250,000 per member through NCUA
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights5 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cleveland Selfreliance Credit Union