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