ALBUQUERQUE, N.M.–Nusenda has announced four new community lending partners in its Co-op Capital microloan program. The new participants include the Southwest Native Assets Coalition, Cruces Creatives, The Climate Change Leadership Institute, and WESST.
According to Nusenda, its Co-op Capital program is a character and relationship-based program that provides microloans for low-income and underbanked entrepreneurs.
“This lending model provides access to capital through educational, cooperative, and nonprofit organizations that provide customized and impactful microloans for the recipients,” Nusenda said.
The credit union added that underserved business owners and individuals who are looking to make an impact on New Mexico communities can now receive funding through 19 established community organizations.
"This new group of Co-op Capital partners expands our geographical reach to the most Southern and Western parts of our state," said June Manning, Nusenda's Co-op Capital Program manager. "It also diversifies the borrowers we can reach, to include young people aging out of foster care, immigrant and creative entrepreneurs, farmers and ranchers, returning citizens, and Native Americans investing in renewable energy."
The New Organizations
The new organizations and their focus include:
- Southwest Native Assets Coalition (SWNAC). The Coalition is focused on increasing the number of Native American families in New Mexico and Arizona who have the skills and resources necessary for financial success. SWNAC aims to make a long-lasting difference through meaningful and intentional community support.
- Cruces Creatives. Cruces Creatives is a non-profit makerspace committed to fostering economic development, furthering education, supporting the arts, protecting the environment, strengthening social connections, and advancing science and technology throughout New Mexico. “They do so through connecting people with the tools, training, and community to foster true creativity.
- The Climate Change Leadership Institute (CCLI). CCLI is a nonprofit organization dedicated to phasing out greenhouse gas emissions and empowering community through conservation, the adoption of clean energy, and the act of taking responsibility as a civil society.
- WESST: WESST's mission is to be a home to New Mexicans starting or growing a small business. This is accomplished by supporting a system of consulting, training, and lending to help women, people of color, and low-wealth individuals successfully strengthen and grow their businesses through sustainable sales, financial knowledge, and job creation.
A ‘Win Win’
"We are delighted to be partnering with Nusenda Credit Union in providing bridge funding to farmers and ranchers who are recipients of healthy soil program grants from the New Mexico Department of Agriculture," said Robb Hirsch, founder and executive director of the Climate Change Leadership Institute. "These empowering and very easy to manage financial services are enabling producers to not have to go out of pocket to invest in their soil health projects. It's a win for supporting regenerative agriculture and it's a win for New Mexico!"
Since launch of Nusenda’s Co-op Capital program, the credit union said more than 324 jobs have been created and more than $1.6 million has been provided through nearly 300 microloans.
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