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Bushwick Cooperative Federal Credit Union
Brooklyn NYCDFI Awards for Bushwick Cooperative Federal Credit Union
FA (2009) - $1,150,000
Brooklyn Cooperative Federal Credit Union (Brooklyn Cooperative) is a Community Development Credit Union and a certified CDFI. Established in 2001, it serves the neighborhoods of Bedford Stuyvesant and Bushwick in Brookland, New York, two communities facing high levels of distress. Brooklyn Cooperative will use its CDFI Program award to increase its lending activity, and also increase its reserves to protect against loan losses. It will also use its award to support its foreclosure prevention program.
FA (2007) - $393,998
Brooklyn Cooperative Federal Credit Union is a certified CDFI incorporated in October 2000. The credit union’s target market consists of two neighborhoods in Brooklyn, New York – Bushwick and its new service area, Bedford Stuyvesant. It will use its FA award to expand its lending and services into the Bedford Stuyvesant neighborhood; its TA award will be used for staff salaries and to train loan officers.
FA (2005) - $253,440
The financial assistance award in the amount of $253,440 will be used to expand the target market into the adjacent neighborhood of Bedford-Stuyvesant by setting up a satellite office there; implement ATM and remittance programs; and significantly increase the microenterprise and mortgage loan portfolios. An award of $36,000 in technical assistance funds will complement the FA award providing technology for the satellite office and training for staff.
TA (2004) - $49,486
Bushwick Cooperative Federal Credit Union (BCFCU) received the award to upgrade their computer and communication systems, to increase organizational capacity thereby improving its market understanding of the wider Brooklyn community, and to further staff training. These technology upgrades, market research and continued staff training will allow the applicant to better serve its Target Market by providing more effective and efficient services. The Awardee provides basic lifeline financial services - savings, loans, money orders, and development services to the residents of the area.
FA (2004) - $262,720
Bushwick Cooperative Federal Credit Union will use the award to support their aAffordable housing product, community development financial services and economic development product. Bushwick Cooperative Federal Credit Union Community development impacts will include the increase in the number of predatory loans refinanced, new accounts opened to first time account holders, and the number of loans.
SECA (2002) - $25,000
The Fund"s $25,000 technical assistance grant will help it conduct an analysis of the most appropriate financial products and services for the Bushwick area.
SECA (2001) - $140,000
The financial assistance award will be used to enhance the Awardee"s net worth and support its current consumer loan program. The technical assistance award will be used to contract with consultants and to allow staff to develop the credit union"s micro loan program, and to cover start-up expenses associated with the Awardee"s ATM program. Business Loan Fund of the Palm Beaches, Inc.
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