Increasing immigrants' access to credit and banking services

February 11, 2019
MPF - Inclusvi - BCoop

The Brooklyn Cooperative Federal Credit Union (BCoop) is committed to helping immigrants in its neighborhood open bank accounts and begin building a credit history. BCoop has teamed up with the New Economy Project to create the NYC DREAMer Loan Fund, which provides interest-free loans for immigrants to cover the approximately $495 in application fees for Deferred Action for Childhood Arrivals (DACA). BCoop member Luz (pictured) immigrated to the U.S. from Mexico with her family. Since receiving an NYC DREAMer loan, she’s been able to find a job, pay her bills and taxes, cash checks, and begin to build her credit history. She is no longer afraid to apply for jobs and feels more comfortable with herself since receiving the loan. 

BCoop is a member of Inclusiv (formerly known as the National Federation of Community Development Credit Unions), a Mercy Partnership Fund investee that designated BCoop as a Juntos Avanzamos - Together We Advance - credit union, which indicates it is dedicated to serving Hispanic, Latino, and immigrant customers through bilingual and culturally competent staff, accepting alternative forms of ID, and treating all members with respect, regardless of immigration status. 

 "Inclusiv is proud to support the work BCoop is doing to further financial inclusion for Hispanics and immigrants in New York City. We started our partnership with Mercy Partnership Fund nearly two decades ago. Mercy’s support and commitment to our work, particularly as it relates to the empowerment of these communities, highlights the historic and strong connection the Catholic Church has to the Hispanic community. We applaud Mercy Partnership Fund’s commitment to the work of the CDCU movement and look forward to working more closely with them to continue opening the doors of opportunity for all," Pablo DeFilippi, Inclusiv's senior vice president, membership and network engagement, says.

 With support from Mercy Partnership Fund, Inclusiv is investing in high-impact financial institutions, such as BCoop, that are scaling their immigrant financial inclusion initiatives. To learn more about the work of Inclusiv, visit their website. Inclusiv is one of more than 60 mission-driven organizations in Mercy Partnership Fund’s portfolio.