About UsCredit Unions
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Welcome to NYCfNAC's website!
The New York City Financial Network Action Consortium (NYCfNAC) was established to address the drastic loss of banking services in New York City's low-income communities. We assert the right of every low-income person to be able to save, borrow, invest, accumulate assets and be knowledgeable consumers of financial services as a means to economic opportunity and community development. Accordingly, NYCfNAC promotes their ability to gain access to affordable, convenient and comprehensive financial services and credit by building a network of the city's leading community development credit unions.
NYCfNAC NEWSLast update: 5/7/08
Tax Season 2007 Most Successful Yet!We prepared over 6,500 tax returns thanks to our wonderful volunteers and tax preparers! Since 2003, NYCfNAC has been actively involved in promoting the Earned Income Tax Credit (EITC) to hard working low-income residents in the communities served by our credit unions. Over the years, the credit union VITA sites in our program have prepared more than 12,000 tax returns generating over $15 million in refunds, including $7.6 million in EITC, for the communities in Bedford Stuyvesant, Bushwick, East Harlem and the Lower East Side. In addition to providing free high quality tax preparation, our program provides all filers, particularly the unbanked, with the opportunity to open accounts with our credit unions. To date 1,902 new savings or share accounts have been opened. New this year is also one-on-one credit coaching. The EITC is one of the most powerful federal poverty alleviation tools in the country. Volunteer tax preparers make access to EITC and affordable financial services possible for thousands of New York City residents every year. Read more about our program and how you can volunteer. Thanks to the Robin Hood Foundation, Deutsche Bank Americas Foundation, HSBC Bank USA, Independence Community Foundation, Mizuho USA Foundation, the National Credit Union Administraion, and North Fork BAnk for their generous support for this program!
Hayden-Harnett's $100,000 expansion financed through NYCfNAC loan programHayden-Harnett, a Brooklyn-based company that designs and sells handbags and accessories, needed financing to finance its expansion. With an impressive growth rate in sales, the company approached NYCfNAC about a loan. As a start-up, obtaining a loan from banks was out of the question. But the company provided a strong business plan, demonstrated management capacity, and good collateral…
Affordable Loans for ImmigrantsThrough its Affordable Loans for Immigrants Campaign NYCfNAC seeks to highlight the role of credit unions in giving immigrants an opportunity to build credit and educate themselves while achieving their financial goals. NYCfNAC's community development credit unions offer mainstream financial services to a population that is generally subject to predatory practices and high-cost credit. Credit union services are especially designed to help the immigrant population to build credit and become savvy consumers of financial products. To learn more about how to participate or to order the Campaign Outreach Materials, contact Liliane Loya at 718-260-0099 ext. 102 or lloya@nycfnac.org The Affordable Loans for Immigrants Campaign is part of NYCfNAC's Initiative for Outreach to the Unbanked or IOU Program.
Need $$$ to Jumpstart and Grow your Business?
Check under Job
Opportunities to find out more about the
positions currently open at NYCfNAC. |
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Need $$$ to Jumpstart and Grow your Business?
If your business is located in Manhattan, Brooklyn or the Bronx and needs additional funds, we may be able to help you. For more information, check out the Business Loan page
Success Stories of our AffordableLoansCampaign!Read the stories of city newcomers and how they benefitted from credit union loans to pay for unexpected expenses, start their business and build their credit.
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