Notes from the Field: Inclusiv Visits Credit Unions in the U.S. Virgin Islands

Notes from the Field: Inclusiv Visits Credit Unions in the U.S. Virgin Islands

In March 2023, Inclusiv had the privilege of participating in a meeting hosted by the Small Business Administration (SBA), U.S. Department of Agriculture (USDA), and the Federal Deposit Insurance Corporation (FDIC). The Path to Prosperity Regional Series in St. Croix was held on March 17 at the University of the Virgin Islands. The purpose of the event was to connect entrepreneurs in the U.S. Virgin Islands to federal, state, and local resources such as business planning support and programs that provide access to capital. Credit unions are an important part of the local financial ecosystem for entrepreneurs, and Inclusiv participated on one of the panel discussions.

Presenters from the SBA, USDA, and FDIC at the Path to Prosperity Regional Series in St. Croix, USVI

Monica Copeland of Inclusiv with Ms. Patrice Canton, Manager/CEO of Frederiksted Federal Credit Union

While in St. Croix, Inclusiv MDI Network Director, Monica Copeland, used the time to meet with four out of the five credit unions based in the U.S. Virgin Islands. Three of the USVI credit unions (Mid Island FCU, Vitelco Employees FCU, and St. Thomas FCU) are members of Inclusiv’s credit union network. All five credit unions based on the islands are Minority Depository Institutions, Low Income Designated, and under $100 million in assets. Inclusiv thanks the credit union presidents and CEOs for their hospitality and for their time. It was important for us to hear about the challenges and opportunities the credit unions are facing from an economic, operational, and regulatory perspective. We hope to use this information to provide more targeted services to the islands and to strengthen our capacity building support in ways that continue to benefit all – on the mainland as well as in the U.S. territories.

Inclusiv with staff members of Mid Island Federal Credit Union

Site visit to Christiansted Federal Credit Union:

Vitelco Employees Federal Credit Union visit:

Mr. John Clenance, President of Vitelco Employees Federal Credit Union, with Monica Copeland of Inclusiv

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