Two NYC CDFI Credit Unions Join Inclusiv Business Forward as Participating Lenders
FOR IMMEDIATE RELEASE
New York, NY (August 18th, 2025) – Inclusiv is happy to welcome Lower East Side People’s Federal Credit Union and Brooklyn Cooperative Federal Credit Union, the first participating Community Development Financial Institution (CDFI) credit unions, to our Business Forward initiative. Inclusiv Business Forward aims to increase access to capital for small businesses in New York State through CDFI credit unions, financial institutions uniquely positioned to support small businesses with affordable loans and financial services that help them grow and thrive.
Both Brooklyn Cooperative and Lower East Side People’s Federal Credit Unions are member owned financial institutions with long track records of offering affordable and quality services to under-resourced consumers and small businesses across New York City:
- Founded in 2001, Brooklyn Coop serves over 7,000 members with branches in Bushwick, Bedford Stuyvesant and East New York.
- Lower East Side People’s FCU was founded in 1986 and serves over 9,000 members across New York City with branches in the Lower East Side, East Harlem, the North Shore of Staten Island, and the South Bronx.
These credit unions join a growing partnership effort led by Inclusiv to connect small businesses with resources and lenders in New York State that understand their needs. The goal of Inclusiv Business Forward is to help small businesses that have had issues accessing capital and give them an opportunity to grow. Business Forward participating credit unions will help to deploy affordable and flexible loans ranging from $50,000 up to $500,000.
“Meeting the capital needs of local small businesses has always been among Brooklyn Coop's highest priorities. Not only do small businesses create income and jobs, they are also instrumental in creating generational wealth. We applaud Inclusiv and the New York State SSBCI for bringing their incredible resources to our small business members in this way," said Brooklyn Coop CEO Samira Rajan.
"We are honored to participate in Inclusiv's Business Forward program and sincerely grateful for the opportunity to continue supporting our local businesses with affordable financial products," said Francisca Fabian, Chief Lending Officer of the Lower East Side People's Federal Credit Union. "Being part of a program that helps businesses access the funding they need to grow and thrive is incredibly rewarding. We are proud to contribute to our communities and dedicated to empowerment, shared resources, and lasting progress.”
This small business lending initiative started thanks to a $5 million investment from New York State Empire State Development (ESD) through the State Small Business Credit Initiative (SSBCI). It serves as a blueprint for other states to deploy SSBCI funding to provide capital and technical assistance to promote small business stability, growth, and success. Long-term, Inclusiv Business Forward aims to expand both community impact and lending growth of CDFI credit unions.
