Deutsche Bank Americas Foundation and Inclusiv make third cooperativa investment to advance recovery and resiliency in Puerto Rico
NEW YORK, NY (October 18, 2024) — Deutsche Bank Americas Foundation and Inclusiv announced their third investment into Puerto Rican cooperativas to strengthen recovery and resiliency initiatives.
Cooperativas, financial cooperatives in Puerto Rico, provide community-owned financial services to more than one million members excluded from mainstream financial institutions. As financial first responders, they have provided critical financial access and community resources, helping to lead recovery and resiliency efforts in the aftermath of Hurricane Maria and other crises.
Following previous successful investments in Jesús Obrero Cooperativa and Coop Las Piedras, Deutsche Bank Americas Foundatoin announced its latest invested in Cooperativa de Ahorro y Credito de Arecibo (CooPACA) headquartered in Arecibo, Puerto Rico. The largest cooperativa in terms of membership (nearly 120,000 members), CooPACA is the second largest in asset size with 14 branches across the Island. The investment will allow the cooperativa to expand upon its full spectrum of loan products and services to further advance financial, community and environmental resiliency, including its credit builder loans, solar panel financing and small business loans.
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 members 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 in this third investment into cooperativas in Puerto Rico. We’ve seen the positive impact of our first two investments in this effort and look forward to our impact through CooPACA’s continued work in community,” said Cheryl Gladstone, Head of Deutsche Bank’s Community Development Finance Group.
“With the success of the previous investments through our partnership with Deutsche Bank Americas Foundation, we’re thrilled to help fuel the growth and impact of another deserving cooperativa,” said Cathie Mahon, President/CEO of Inclusiv. “CooPACA’s extensive field of membership, proven record and variety of quality green lending offerings will ensure the maximum reach into the communities that need access to quality financial products and services most.”
“CooPACA is honored to receive this historic impact investment by the Deutsche Bank Americas Foundation and Inclusiv. These funds will allow us to expand our financial inclusion initiatives, as well as expand our small business and green lending loan programs. We hope that these investments will serve to raise awareness about Puerto Rico’s cooperativas, attracting additional impact investing opportunities for the benefit of the communities we serve,” Wilfredo González Irizarry, Presidente Ejecutivo Interino of CooPACA.
About Inclusiv
Celebrating our 50th anniversary this year, Inclusiv empowers our more than 500 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.
Contacts
Ashley Hunter,
Senior Communications Officer,
Inclusiv
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=6712a6f48f6c4e60a1b5a31b861de81d&url=https%3A%2F%2Fwww.cuinsight.com%2Fpress-release%2Fdeutsche-bank-americas-foundation-and-inclusiv-make-third-cooperativa-investment-to-advance-recovery-and-resiliency-in-puerto-rico%2F&c=9616736608108889923&mkt=en-us
Author :
Publish date : 2024-10-18 04:18:00
Copyright for syndicated content belongs to the linked Source.