NEW YORK–Inclusiv has announced what it is calling “historic funding” for Puerto Rican cooperativas that is designed to strengthen their “recovery and resiliency initiatives.”
Inclusiv said the investment was made possible by a Program-Related Investment (PRI) loan under Deutsche Bank Americas Foundation’s New Initiatives Fund.
Cooperativas, financial cooperatives in Puerto Rico, provide community-owned financial services to more than 1.2-million members and collectively represent the third largest financial conglomerate on the island, with a presence in 75 of 78 municipalities, Inclusiv said.
“As financial first responders, they have provided critical financial access and community resources, helping to lead recovery and resiliency efforts in the aftermath of devastating crises like Hurricanes Maria and Fiona,” according to Inclusiv.
Funds to Jesús Obrero
Inclusiv announced that the first capital deployment into Cooperativa de Ahorro y Credito Jesús Obrero was completed on Dec. 16. Jesús Obrero, headquartered in Guaynabo, P.R, is a CDFI, and Inclusiv said its investment will capitalize the organization’s continued financial growth and impact initiatives, including financial inclusion in underserved communities and solar energy resiliency initiatives such as the Guaynabo's Rural Solar Energy Project.
"Inclusiv is grateful for the support of 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 cooperativas to meet the demand for safe and responsible financial services. This is a groundbreaking moment.”
‘Great Honor’
"For Jesús Obrero, it is a great honor to become the first CDFI cooperativa on the island to receive a PRI loan from a world-class international bank," added Aurelio Arroyo González, CEO, Jesús Obrero. "A long road of due diligence, analysis, and validation of the soundness of our institution, coupled with an excellent perspective for the Puerto Rican cooperative movement, gave way to this historic investment. This investment will be directed towards expanding our financial inclusion initiatives, offering financial products and services to our low-and-moderate income (LMI) communities. Furthermore, this demonstrates that cooperativas are an ideal conduit to channel and deploy responsible investments for the benefit of the communities we serve."
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