Inclusiv, Adrian Dominican Sisters invest in Puerto Rican cooperative Jesús Obrero
The partnership supports climate resiliency and economic growth in under-resourced communities.
The Inclusiv credit union network and the Adrian Dominican Sisters have announced an investment in Cooperativa de Ahorro y Crédito Jesús Obrero, a Community Development Financial Institution (CDFI) cooperative committed to advancing the economic well-being of communities in Guaynabo.
Inclusiv empowers its member credit unions to promote financial inclusion “for everyone through advocacy, education, technology and investment initiatives” that create wealth-building opportunities in communities overlooked by the financial mainstream.
The Adrian Dominican Sisters are the first investor to replicate a model created by Inclusiv and Deutsche Bank Americas Foundation to invest in Puerto Rican cooperatives and their recovery and resiliency initiatives.
This partnership underscores the strength of the local cooperative sector and the field-building efforts led by Inclusiv. Although the investment amount was not disclosed, this initiative marks the latest impact effort in the 42-year partnership between Inclusiv and the Adrian Dominican Sisters.
“The Adrian Dominican Sisters have been catalytic partners to the community development credit union movement, demonstrating what is possible when we lead with purpose and put communities first,” said Inclusiv President Cathie Mahon. “We are delighted to expand our partnership on anti-poverty and wealth-building initiatives to include the climate resiliency and economic revitalization efforts led by cooperatives in Puerto Rico.”
Puerto Rican cooperatives have played a key role in Hurricane Maria recovery efforts and in revitalizing local economies across the island.
Jesús Obrero’s mission centers on the economic, social and environmental well-being of under-resourced communities. The cooperative has developed a leading green lending model, financing the installation of hundreds of solar systems for households and small businesses and supporting the creation of community micro-grids.
“We rejoice in our new partnership with Cooperativa de Ahorro y Crédito Jesús Obrero, thanks to Inclusiv for facilitating the connection,” said Sister Marilín Llanes, director of portfolio advisory at the Adrian Dominican Sisters. “We share a great hope in bringing about economic opportunities for the resilient communities in Puerto Rico.”
Inclusiv said its efforts to increase investment in cooperatives are gaining momentum, and that thanks to pioneering investors like the Adrian Dominican Sisters and Deutsche Bank Americas Foundation, more institutional investors are exploring opportunities to support cooperatives through investments and deposits.
The company also added that the first mainland investor deposits in Puerto Rican cooperatives are expected soon, and it is “looking forward to continuing to grow its capital offerings for the cooperative sector.”
“The solidarity investment made by the Adrian Dominican Sisters, thanks to the assistance and collaboration of Inclusiv, allows us to continue expanding the footprint of cooperative solidarity work in our communities,” said Aurelio Arroyo-González, Cooperativa Jesús Obrero’s executive president.
“Since our founding in 1959, our cooperative has focused on developing financial products and services that strengthen our members’ ability to improve their conditions and quality of life and, more recently, to enhance their capacity to face the challenges brought by climate change. This investment represents a boost to the history of community engagement of our institution, and we receive it with the commitment to continue creating opportunities for our members, communities and the cooperative ecosystem of Puerto Rico,” Arroyo-González added.
