The Puerto Rico Federal Credit Union recently received the Community Development Financial Institutions Fund certification, becoming the first local federal co-op to obtain the endorsement from the US. Department of the Treasury.
The CDFI Fund plays an important role in creating opportunities and economic growth, particularly in communities that lack resources for their development.
Puerto Rico Federal Credit Union CEO Jomar Martínez-Gómez said it is the first time that a federal cooperative in Puerto Rico receives this accreditation that seeks to boost the island’s economy, as well as of its communities.
This CDFI certification means that an organization meets the requirements described in the CDFI Program regulations — having a primary mission of promoting community development, being a financial entity, providing development services and not being a government entity or controlled by a government entity.
“After submitting all the documents and complying with the requirements, we received the great news of the certification,” said Martínez-Gómez.
As part of the accreditation, the Puerto Rico Federal Credit Union will receive federal fund allocations for community development.
“Our main mission is to be able to provide the community with essential tools so that they can develop successfully. We will offer financial education to low-income people, creation of technological platforms and others,” he said.
The CDFI Fund allows recipients to offer personalized resources and programs combining federal funds with private-sector capital. The funding is granted to financial institutions whose objective is a market-based approach to support economically disadvantaged communities.
“These funds represent an opportunity to have an impact and achieve community transformation. Currently, there are many people who lack access to financing services and our focus is to reach these people through the different programs,” said Martínez-Gómez.