SAN JUAN, P.R.–Inclusiv and the Asociación de Ejecutivos de Cooperativas de Puerto Rico (ASEC) announced a public “Commitment to Action” during the Clinton Global Initiative Action Network on Post-Disaster Recovery here.
President Bill Clinton convened the meeting of business, public service and civic leaders to develop new, specific and measurable plans to advance recovery and promote long-term resiliency across the Caribbean.
Inclusiv said it launched the Commitment to Action to expand its Puerto Rico CDFI Initiative, with the hosting of the 2019 CDFI Convening for Financial Cooperatives in San Juan. More than 150 leaders from 55 financial cooperatives actively participated in the event, which focused on CDFI certification, technical and financial assistance grants, small and micro loans, and resiliency building.
The Objectives
As part of the commitment to action announced earlier, Inclusiv and ASEC said they are seeking to:
- Elevate the profile of local financial cooperatives as an effective platform to promote the revitalization of economically depressed communities.
- Educate entities from the public and private sector about the role of financial cooperatives as a vehicle to direct investments and resources to low income consumers and rural communities historically marginalized from the financial mainstream.
- Encourage the transformation of the financial cooperative movement by promoting the adoption of the CDFI business model and increase the number of CDFI certified cooperatives. The goal is to leverage the capacity of these community owned financial institutions in the building of more inclusive and resilient economies.
- Connect financial cooperatives with CDFI certified and Juntos Avanzamos credit unions in the mainland.
- Identify resources that can be directed to strengthening the institutional capacity of financial cooperatives to expand affordable, yet sustainable lending in high impact areas. Such as the adoption of clean energy technology, along with resiliency financing, and micro and small business loans.
‘Access to External Resources’
"Puerto Rico’s network of financial cooperatives has played a critical role in mitigating the impact of the financial crisis and natural disasters affecting the island,” said Cathie Mahon. “The CDFI certification can facilitate their access to external resources benefiting more than one million people currently served”.
Inclusiv said the interest and participation generated among the financial cooperatives is the result of the close partnership it has developed with the ASEC. Support for the partnership has been provided by BanCoop, Seguros Multiples, CUNA Mutual Group, the Federal Reserve Bank of New York, Citi, and other organizations.
“This public recognition of Inclusiv and our partners will help us strengthen the network and continue to provide a lifeline for vulnerable consumers and communities," said Mahon.