For Immediate Release
May 8, 2024
Contact: Matt Sollars | matt@anatgerstein.com | (347) 925-0101
Inclusiv and the Public Corporation for Supervision and Insurance of Cooperativas Expand Partnership to Support the Growth and Impact of Puerto Rico’s Cooperativa Sector
(New York, NY) – Inclusiv and the Public Corporation for the Supervision and Insurance of Cooperativas (COSSEC) are proud to announce their expanded partnership, that will strengthen the organizations’ ongoing work to bring community development resources to Puerto Rico through the cooperativa system.
The expanded partnership creates new opportunities for collaboration between Inclusiv, a national network of community development credit unions (CDCUs) and a certified Community Development Financial Institution (CDFI) intermediary, and COSSEC, the supervisory authority for cooperativas, community-based financial cooperatives in Puerto Rico.
“We are thrilled to deepen our partnership with COSSEC and build on our shared success supporting financial cooperatives in Puerto Rico” said Cathie Mahon, President and CEO of Inclusiv. “This partnership will help ensure cooperativas have access to vital community development grants and investments that the communities they serve need to thrive and will strengthen both of our organizations’ capacity to serve the cooperativa movement effectively.”
Mabel Jiménez Miranda, Executive President of COSSEC, praised the agreement saying, "this collaboration represents a significant step forward for Puerto Rico’s cooperative sector. In Inclusiv, we have a trusted collaborator with extensive experience in understanding cooperatives' needs and enhancing their ability to serve our communities effectively."
The partnership is focused on collaboration to support cooperativas in accessing private impact investments through Inclusiv’s Capital programs as well as federal grant funding from the CDFI Fund, the Greenhouse Gas Reduction Fund and other sources. Inclusiv will also help build COSSEC’s capacity to support cooperativas in securing CDFI certification, deepening their impact analyses, and growing their green lending expertise by providing training for COSSEC’s examination staff.
This expanded partnership is a natural extension of Inclusiv’s work in Puerto Rico to date, which has resulted in 87 cooperativas securing CDFI certification, and more than $311 million in public and private community development investments reaching low-income and underserved communities.
About Inclusiv
Inclusiv helps low- and moderate-income people and communities achieve financial independence. Inclusiv is a national network of 500 community development credit unions and a certified Community Development Financial Institution (CDFI) intermediary that provides capital, builds capacity, develops innovative products and services and advocates for the community development credit unions in our network. Learn more at inclusiv.org.
About COSSEC
The Public Corporation for Supervision and Insurance of Cooperatives of Puerto Rico (COSSEC) safeguards the integrity and financial strength of the Cooperative Movement on the island. This is achieved through fair, equitable, and effective supervision and regulation of all cooperatives. COSSEC promotes their solvency, stability, and global competitiveness aimed at the socioeconomic development of the country, through the implementation of a flexible, modern, and agile public financial policy that ensures balance and equity between the interests of members, depositors, and the development of cooperativism.
COSSEC ensures the trust of the savings and credit sector by providing insurance for shares and deposits up to $250,000.00 for its members and depositors.
COSSEC also facilitates the creation of corporate and cooperative structures and enables the economic integration of the savings and credit sector with other productive sectors. Concurrently with these functions, COSSEC provides education to cooperative employees on current topics related to financial strengthening and economic aspects.