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
- Thirty seven financial cooperatives have become part of the Inclusiv network.
- Twenty financial cooperatives submitted TA applications and four submitted FA applications for the 2019 funding round.
- Twenty one financial cooperatives received $2,982,179 in CDFI technical assistance grants.
- Five capacity-building online webinars have been held.
- Four financial cooperatives in Puerto Rico have received CDFI certification.
- 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.