Our Commitment to Puerto Rico
FROM THE DEVASTATION CAUSED BY HURRICANE MARIA TO MORE INCLUSIVE AND RESILIENT LOCAL ECONOMIES
Strengthening Puerto Rico's network of financial cooperatives is a proven and effective mechanism to support the economic revitalization of vulnerable communities and help them prepare for future disasters. With over 45 years of experience in building the reach and impact of grassroots financial institutions, Inclusiv commits to developing the capacity of the island's financial cooperatives to benefit Puerto Ricans not served by the traditional banking system.
ONE MILLION MEMBERS STRONG
Puerto Rico's network of 125 CDFI eligible cooperatives have 1.1M member-owners and control $9B in community assets. They originate 40% of all small dollar loans on the island and have $5B in loans outstanding.
IMPACT TO DATE
- Sixty three financial cooperatives have become part of the Inclusiv network.
- Thirty seven financial cooperatives received $9.4M in CDFI awards.
- Twelve financial cooperatives in Puerto Rico have received CDFI certification.
- Five capacity-building online webinars have been held.
- Three on the ground training sessions have been held, including the February 2019 CDFI Convening for Financial Cooperatives with 55 financial cooperatives and 141 financial cooperative leaders.
- Facilitated the signing of an MOU between CDFI Fund and COSSEC, the local state regulator.
- Engaged the Federal Reserve Bank of New York, the FDIC, SBA and the U.S. Treasury Department's CDFI Fund in our work.
- Promoted collaborations with CDFI credit unions on the mainland.
- Partnered with the Federal Reserve system to promote their Investment Connect program and participation of financial cooperatives in the bi-annual CDFI survey. To date, Puerto Rico is the region with the highest survey participation rate.
- Two financial cooperatives participated in the launch of Inclusiv’s Center for Resiliency and Clean Energy, which brings together credit unions from Puerto Rico and the mainland to develop a consistent and scalable approach to make renewable energy technologies available to low and moderate income consumers, as well as vulnerable communities.
- Organized, with the support of the Clinton Foundation, a roundtable between cooperative leaders Eddie Alicea, Aurelio Arroyo and José Juliؘán Ramírez, and representatives of the investment community.
- Recognized Cooperativa Jesus Obrero as the first financial institution in Puerto Rico to earn the Juntos Avanzamos designation, a financial inclusion framework to connect immigrants to the financial mainstream. Puerto Rico has a large immigrant population that will benefit from the financial inclusion framework provided by this program.
- Established the first Pathways Credit Union in Puerto Rico, Cooperativa Jesús Obrero, introducing the concept of financial counseling and coaching to the cooperative system.
INCLUSIV PLEDGES COMMITMENT TO ACTION AT 2019 CLINTON GLOBAL INITIATIVE ACTION NETWORK CONVENING
Inclusiv and the Asociación de Ejecutivos de Cooperativas de Puerto Rico (ASEC) announced a public “Commitment to Action” to expand our Puerto Rico CDFI Initiative at the Clinton Global Initiative Action Network on Post-Disaster Recovery in San Juan, Puerto Rico in January 2019. President Bill Clinton convened the meeting of business, public service and civic leaders to develop new, specific and measurable plans to advance recovery and promote long-term resiliency across the Caribbean. Click here to learn more about our commitment to action in Puerto Rico.
Since the launch of the initiative, sixty three financial cooperatives have joined the Inclusiv credit union network, and 22 have received CDFI awards (in purple):