NEW YORK – Inclusiv has announced a second funding from its “historic initiative” and investments in the recovery and resiliency efforts led by Puerto Rican cooperativas.
Cooperativas, financial cooperatives in Puerto Rico, provide community-owned financial services to more than 1.2 million member owners. Collectively, they represent the third largest financial conglomerate on the island, with a presence in 75 of 78 municipalities.
The organization noted on Dec. 15 it completed its investment in Cooperativa de Ahorro y Crédito Las Piedras (“Coop Las Piedras”), which is headquartered in Las Piedras, Puerto Rico, and which is a U.S. Treasury certified CDFI.
Inclusiv said its investment in Coop Las Piedras will capitalize their continued financial growth and impact initiatives, including financial inclusion in underserved communities, solar and resiliency lending, and small and commercial business lending initiatives.
“Cooperativas led disaster recovery efforts in the aftermath of Hurricanes Maria and Fiona by providing critical financial access and community resources,” Inclusiv said. “They continued to rebuild communities across the Island from recovery to resiliency initiatives through their community partnerships, development services and impact lending.”
Inclusiv said the investment was made possible by a Program-Related Investment (PRI) loan under Deutsche Bank Americas Foundation’s New Initiatives Fund.
‘Demonstration of Success’
"Inclusiv and our mission are centered on the belief that sustainable growth and resiliency are rooted in investing in CDCUs, cooperativas and community-led and centered change,” Cathi Kim, director of Inclusiv Capital, said in a statement. "This investment in Coop Las Piedras, the second U.S. capital investment into a Puerto Rican cooperative, demonstrates the success of our initial pilot and ecosystem building efforts to connect capital to the financial inclusion, wealth building and resiliency efforts led by cooperativas across the island.”
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