Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
3 Atlanta fed judges recuse themselves from Home Depot data breach suits via @AtlBizChron http://t.co/lfPgOXZ7sO
3 hours ago
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
4 hours ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
5 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
6 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
6 hours ago