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Puerto Rico credit unions get $5.5M to develop financial products, technology

The Community Development Financial Institutions Fund awarded $5.5 million in technical assistance to 44 credit unions in Puerto Rico.

The CDFI fund allocations are intended to reinforce credit union’s financial ability to develop products aimed at low-income populations with affected credit, young people with no credit history, and vulnerable communities that lack adequate access to financial services.

This injection of money will directly benefit Puerto Rico’s cooperative sector because it will allow it to acquire new technology to create financial products, said Keyshla Molina, executive director of the Puerto Rico Credit Union Executives Association (ASEC, in Spanish).

“With these funds, credit unions will be able to expand their cyber security systems. The pandemic caused by COVID-19 demands a digital transformation, both in operational capacity and in the creation of new financial products,” she said.

Since 2018, in alliance with ASEC and the Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish), Inclusiv has secured more than $64 million in grants from the CDFI Fund for Puerto Rico credit unions

“Just a few days ago, the Fund of Financial Institutions for Community Development announced the result of its round of technical assistance grants for 2021,” said René Vargas-Martínez, representative of Inclusiv in Puerto Rico.

“Forty-three credit unions and one local federal cooperative received grants, representing 47% of funds received by cooperatives throughout the United States and Puerto Rico,” he said.

“This granting of funds shows that the work carried out by credit unions to attract external community development funds that improve their services and technological platforms, in addition to the good reputation they enjoy at the federal level,” he said.

The credit unions throughout Puerto Rico that will receive funding are: Caribe Federal Credit Union, Biopharma Coop, Lomas Verdes Coop,  CIAPR Cooperativa Municoop Guaynabo, Cooperativa San Blas De Illescas, Quebrada Coop,  Caribe Coop, Cooperativa Cidreña, Cooperativa Cristóbal Rodriguez Hidalgo, Cooperativa Adjuntas, Cabo Rojo Coop, Cooperativa de Isabela, Educoop, Cooperativa La Casa del Trabajador, Lajas Coop, Cooperativa de Manatí, Cooperativa de Mayagüez, Yaucoop, Valencoop, Florida Coop, Haticoop, Isla Coop, Cooperativa La Puertorriqueña, Cooperativa La Regla de Oro, Cooperativa Las Piedras, Cooperativa Moroveña, Cooperativa Naguabeña, Candel Coop, Cooperativa Oriental, Cooperativa Padre McDonald, Gura-Coop, TUCOOP, Cooperativa Vegabajeña, Cooperativa La Comerieña, Universicoop, Cooperativa Moca, Cooperativa Cupey Alto, Salicoop, Cooperativa Santa Isabela, Cooperativa San Rafael, Nuestra Coop and Gubecoop

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This story was written by our staff based on a press release.

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