Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
N.Y. CUs A lifeline for mom and pop businesses
NEW YORK (1/27/09)--Four New York City credit unions are participating in Affordable Loans for Immigrants, which offers business loans to immigrants who live or work in the city, while big banks are cutting loans to “mom and pop” businesses because of the financial crisis. The program makes business loans, ranging from $500 to $500,000, available to immigrants in the city’s five boroughs (New York Daily News Jan. 25). Brooklyn (N.Y.) Cooperative FCU approved a $15,000 loan for emergency repairs so Esmeralda Valencia could reopen Esmeralda’s Restaurant. The $7.4 million asset credit union approved the loan in three days after the restaurant’s exhaust fan broke. Other New York City credit unions participating in the program include: the $22.6 million asset Lower East Side Peoples FCU, the $8.2 million asset Union Settlement FCU, and the $7.5 million asset Neighborhood Trust FCU. While some immigrants fear going to banks because they don’t have Social Security numbers, the credit union will work with them if they qualify for loans and obtain Individual Taxpayer Identification Numbers, the newspaper said. The credit unions have money to lend. Most of the money Lower East Side People’s lends belongs to members, Linda Levy, credit union CEO, told the paper.
Other Resources

RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago