Students might be able to run their own credit union next fall if space allows.

The Holmes Student Center board supported a student credit union idea Monday, but asked for a space feasibility study to be done.

The board “formally endorsed the concept,” but space has not been designated, said Huda Scheidelman, Student Association president and student center board member.

“Space is very limited within the center,” said student center Director Judd Baker. “We’ll see what we can come up with.”

“It wouldn’t take a lot of space initially,” said NIU finance Professor Joseph Newman. The problem is the “ideal spaces (within the center) are currently being used for other things or by other organizations,” he said.

Baker said he will talk to members of organizations located in the center to look for adjustments which can be made and then report back to the board in two weeks.

Finding a central location is the biggest obstacle for the credit union team, which consists of Newman and five finance majors. If students have to go to Sycamore to use the credit union, Newman said he would be hesitant to support the idea.

“I would like to see the Holmes Student Center board find space for the credit union,” he said.

SA senators gave the proposal, backed by Senate Speaker John Fallon, a boost by supporting it at their Sunday meeting. Fallon said “the senate vocalized their strong support for this project,” which he called “very promising.”

The credit union team is very optimistic and hopes to open the credit union by mid-summer if space is found, Newman said. The union is “moving in the right direction,” he said.

The team will ask the NIU Foundation for start-up money in about three weeks. The Illinois Credit Union league will donate forms and papers, but about $1,000 is needed for a personal computer system, Newman said.

The non-profit credit union would be student-run and operated solely for the benefits of NIU students and alumni members, he said.