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Our Programs and Services

NYCfNAC provides the following programs and services to enable its participating credit unions to better serve immigrant and low-income communities:

 

New Products and Services

NYCfNAC undertakes research and development on behalf of the credit unions to assess the feasibility of implementing new products and services. If feasibility is established, NYCfNAC identifies appropriate vendors, negotiates pricing, and provides technical assistance throughout the implementation phase.


  • In 2001, NYCfNAC assisted credit unions in the development of an affordable credit card product.


  • NYCfNAC negotiated with the City of New York to permit credit unions to become Enrolled Lenders in the NYC Capital Access Program, which provides loan loss reserve contributions for financial institutions making small businesses loans in low-income areas.


  • In 2002, NYCfNAC created a participation loan framework that allows our Participating Credit Unions to share large loans, which allows them to meet their members' needs and to reduce their risk.
  • In 2004 , Union Settlement FCU implemented its new Loan Call Center that allows members to apply for loans 24 hours a day over the telephone or through the credit union's website.

  • In April 2005, participating credit unions will start offering IRnet, a product for sending money to 35 countries at competitive rates.

Business Lending

Through the Centralized Business Lending Program, NYCfNAC provides expertise  in business lending, credit analysis and underwriting to its participating credit unions. The program's primary objective is to substantially increase the loan portfolios of the credit unions by expanding their ability to make small business loans. Together with the credit unions and community partners, NYCFNAC aims to provide affordable credit to small yet growing businesses and promising new ventures located within the boroughs of Manhattan, Bronx and Brooklyn.

Aside from serving the credit needs of existing members of the credit unions, the Business Lending Program expands their membership base by undertaking its own business development and marketing activities to reach out to entrepreneurs and businesses who lack access to traditional financing and are eligible to become members of the credit unions.

 

Infrastructure Development

NYCfNAC employs its expertise in the areas of project planning, development and finance to enlarge the branch network operated by the credit unions so their services can be extended to other underserved communities. NYCfNAC packages many sources of grants to fund these projects. Completed projects include:

  • Lower East Side People's opened its new Branch We celebrated Lower East Side People's FCU opening their new branch at Avenue C and East 8th Street in October 2004.
  • A new branch in the Mott Haven section of the South Bronx for Bethex FCU
  • A state-of-the-art branch for Homesteaders FCU in Central Harlem
  • New ATMs at Homesteaders FCU and Bethex FCU.


Resource Delivery

NYCfNAC seeks to take advantage of the multitude of resources, primarily pro bono, available in New York City in the areas of legal services, staff training, and operations. NYCfNAC also directly provides technical assistance in terms of developing model policies, fundraising and other issues.

 

Network Services

These services are designed to generate economies of scale by enabling the credit unions to perform services on a collaborative basis they could not afford to do independently. The Business Lending Program is a key example.