27 Puerto Rico credit unions receive $47.3M in funding from US Treasury
The US Department of the Treasury today announced the allocation of $47.3 million in relief funds to 27 Puerto Rico-based credit unions, through its CDFI Rapid Response Program (CDFI RRP).
The goal is to provide necessary capital for community development financial institutions (CDFIs) to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities, the federal agency said.
The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves, US Treasury Secretary Janet Yellen said.
“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Yellen.
Meanwhile, the Association of Puerto Rico Credit Union Executives (ASEC, in Spanish), Inclusiv, and the Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish) — which worked jointly on the funding proposal to the US Treasury — confirmed the entities that will benefit and the amounts each will receive.
The list is as follows:
- Santa Isabel Credit Union — $1.3 million
- La Comerieña Credit Union — $1.8 million
- Vega Alta Credit Union — $1.8 million
- La Sagrada Familia Credit Union — $1.8 million
- Jesús Obrero Credit Union — $1.8 million
- Camuy Credit Union — $1.8 million
- Arecibo Credit Union (COOPACA) — $1.8 million
- Puerto Rico Guards Credit Union — $1.3 million
- Saulo D. Rodríguez Credit Union– $1.8 million
- Dr. Manuel Zeno Gandía Credit Union — $1.8 million
- Juana Díaz Credit Union — $1.8 million
- Maunabo Credit Union — $1.8 million
- Puerto Rico FCU – $1.8 million
- Barranquitas Credit Union — $1.8 million
- Lares and Central Region Credit Union — $1.8 million
- San José Credit Union– $1.8 million
- Rincón Credit Union — $1.8 million
- Aguas Buenas Credit Union — $1.8 million
- Roosevelt Roads Credit Union — $1.8 million
- University of Puerto Rico Credit Union – $1.8 million
- Isla Co—op Credit Union – $1.3 million
- Guaynabo Municipal Officers Credit Union — $1.8 million
- Lajas Credit Union — $1.8 million
- Hermanos Unidos Credit Union — $1.8 million
- Credit Union TUCOOP – $1.3 million
- Credit Union Cupey Alto — $1.8 million
- Credit Union Florida — $1.8 million
“The work done by Inclusiv and ASEC has yielded great results, a sample of what we can achieve when we work as a team,” said Eddie W. Alicea-Sáez, chairman of ASEC and member of Inclusiv’s Board.
“We recognize the effort and sacrifice of our executive presidents and their Boards of Directors who with vision and determination have achieved these results,” he said. “We encourage all CEOs to participate in opportunities that arise in the future that can help them enhance the impact of our credit unions in the communities we serve.”
Meanwhile, Pablo DeFilippi, executive vice president membership and institutional relations for Inclusiv, said “this significant allocation of resources by the CDFI Fund recognizes and validates the historic work that credit unions have performed in the areas of financial inclusion and community development in Puerto Rico.”