NEW YORK–– Inclusiv is reporting that Lower East Side People’s FCU and Brooklyn Cooperative FCU have become the first participating CDFI credit unions in its Business Forward initiative.
As the CU Daily first reported here, Inclusiv Business Forward aims to increase access to capital for small businesses in New York State through CDFI credit unions, financial institutions “uniquely positioned to support small businesses with affordable loans and financial services that help them grow and thrive.”
According to Inclusiv, both Brooklyn Cooperative and Lower East Side People’s have long track records of offering affordable and quality services to under-resourced consumers and small businesses across New York City. It noted:
- Founded in 2001, Brooklyn Coop serves over 7,000 members with branches in Bushwick, Bedford Stuyvesant and East New York.
- Lower East Side People’s FCU was founded in 1986 and serves over 9,000 members across New York City with branches in the Lower East Side, East Harlem, the North Shore of Staten Island, and the South Bronx.
‘Growing Partnership’
“These credit unions join a growing partnership effort led by Inclusiv to connect small businesses with resources and lenders in New York State that understand their needs,” Inclusiv said. “The goal of Inclusiv Business Forward is to help small businesses that have had issues accessing capital and give them an opportunity to grow.”
It added that Business Forward participating credit unions will help to deploy affordable and flexible loans ranging from $50,000 up to $500,000.
‘Highest Priorities’
“Meeting the capital needs of local small businesses has always been among Brooklyn Coop’s highest priorities,” Brooklyn Coop CEO Samira Rajan said in a statement. “Not only do small businesses create income and jobs, they are also instrumental in creating generational wealth. We applaud Inclusiv and the New York State SSBCI for bringing their incredible resources to our small business members in this way.”
“We are honored to participate in Inclusiv’s Business Forward program and sincerely grateful for the opportunity to continue supporting our local businesses with affordable financial products,” Francisca Fabian, chief lending officer of the Lower East Side People’s FCU, added in a statement. “Being part of a program that helps businesses access the funding they need to grow and thrive is incredibly rewarding. We are proud to contribute to our communities and dedicated to empowerment, shared resources, and lasting progress.”
About the Program
Inclusiv noted the small business lending initiative started thanks to a $5 million investment from New York State Empire State Development (ESD) through the State Small Business Credit Initiative (SSBCI). It serves as a blueprint for other states to deploy SSBCI funding to provide capital and technical assistance to promote small business stability, growth, and success.
“Long-term, Inclusiv Business Forward aims to expand both community impact and lending growth of CDFI credit unions,” the organization added.
