NEW YORK, NY (January 26, 2024) — Inclusiv, the national CDFI intermediary and network of more than 500 community development credit unions (CDCUs) and cooperativas, announced a second funding from its historic initiative and investments in the recovery and resiliency efforts led by Puerto Rican cooperativas.
On December 15, 2023, Inclusiv completed its investment in Cooperativa de Ahorro y Crédito Las Piedras (“Coop Las Piedras”). Headquartered in Las Piedras, Puerto Rico, is a U.S. Treasury certified Community Development Financial Institution (CDFI). Inclusiv’s 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. They continued to rebuild communities across the Island from recovery to resiliency initiatives through their community partnerships, development services and impact lending.
Inclusiv’s 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 member owners. Collectively, they represent the third largest financial conglomerate on the island, with a presence in 75 of 78 municipalities.
“Deutsche Bank Americas Foundation is proud to support Inclusiv and cooperativas on this historic investment. Community-led and community-centered financial institutions, such as Puerto Rican cooperativas, have been at the forefront of disaster recovery and resiliency efforts. This initial capital deployment will expand Las Piedras initiatives in advancing community-led climate resiliency, small business and equitable financial services, as well as catalyze other investors into the space to spur more funding for the impactful work cooperativas do in Puerto Rico,” said Cheryl Gladstone, Head of Deutsche Bank’s Community Development Finance Group.
“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,” said Cathi Kim, Director of Inclusiv Capital at Inclusiv. “This investment in Coop Las Piedras, the second US 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.”
“For Coop Las Piedras, it is an honor to receive the second ever U.S. secondary capital investment in a Puerto Rican cooperativa. We extend our gratitude to Inclusiv and the Deutsche Bank Americas Foundation for their support of our initiatives in financial inclusion, resilience, and small business lending. Traditionally, cooperativas have faced challenges in accessing external capital for growth, limiting the tools we have available to grow our impact. This investment marks a significant step in enabling us to expand our financial services to low- and moderate-income communities across the island,” said Edgar López, Executive President at Cooperativa Las Piedras.
“This investment is a testament to the financial strength and impact capacity of cooperativas to elicit change. As highly regulated and financially strong institutions, cooperativas have demonstrated their integral role in the economic development of their communities. This role has been underscored by remarkable growth over the past five years: since 2019, cooperativa membership has increased by 100,543 members (9.66%), assets have grown by approximately $3 billion (35%), and the loan portfolio has expanded by $1.8 billion (34.84%). We look forward to our continued collaboration with Inclusiv, to further open opportunities for cooperativas to enhance their impact and continue driving Puerto Rico’s prosperity,” said Mabel Jiménez Miranda, Executive President at the Public Corporation for the Supervision and Insurance of Cooperatives (COSSEC).
Founded in 1974, Inclusiv empowers its member credit unions to advance financial inclusion through advocacy, education, technology, and impact investment. Inclusiv is a certified CDFI intermediary instrumental in driving private and public investment in credit unions to build wealth for individuals, households, businesses, and communities formerly excluded from the financial mainstream.
Neda Arabshahi
Vice President
Inclusiv Center for Resiliency and Clean Energy
(929) 445-2251
Alexis Iwanisziw
SVP Policy & Communications
(332) 282-0985
