Puerto Rico credit unions get $250K boost for recovery, resiliency efforts
Deutsche Bank Americas Foundation and Inclusiv announced their partnership to make the first US capital investment of $250,000 into Puerto Rican credit unions to strengthen recovery and resiliency initiatives.
Puerto Rico’s credit unions provide community-owned financial services to more than one million members excluded from mainstream financial institutions.
As financial first responders, they have provided critical financial access and community resources, helping to lead recovery and resiliency efforts in the aftermath of Hurricane Maria and other crises, the organizations said.
Deutsche Bank confirmed the investment has been committed to Jesús Obrero Cooperativa, a US Treasury-certified community development financial institution.
“Deutsche Bank is proud to partner with Inclusiv to make this foundational step into funding cooperativas in Puerto Rico,” said Cheryl Gladstone, vice president and head of the Community Development Finance Group at Deutsche Bank and Deutsche Bank Americas Foundation board member.
“This has been years in the making and will be a truly significant investment for Deutsche Bank,” she said.
“This investment will support Jesús Obrero to continue its deep work in community providing a broad range of critical financial services. We hope that this investment catalyzes other investors into the space and spurs more funding to support the impactful work that credit unions are doing in Puerto Rico,” Gladstone said.
“Inclusiv is grateful for the partnership with Deutsche Bank Americas Foundation in becoming the first US-based investor in Puerto Rican financial cooperatives, said Cathie Mahon, President/ CEO of Inclusiv. “Capital fuels the growth and impact of credit unions and cooperatives to meet the demand for safe and responsible financial services.”
Meanwhile, Aurelio Arroyo González, CEO of Jesús Obrero Cooperativa said, “this investment will be directed toward expanding our financial inclusion initiatives, offering of financial products and services to our communities. Furthermore, this demonstrates that credit unions are an ideal conduit to channel and deploy responsible investments for the benefit of the communities we serve.”
