Brooklyn Cooperative Federal Credit Union has joined Inclusiv’s Business Forward initiative, a statewide effort designed to expand access to capital for small businesses.
The program works through Community Development Financial Institution (CDFI) credit unions, which specialize in providing affordable loans and financial services to businesses that have historically struggled to secure funding.
Brooklyn Coop, founded in 2001, serves more than 7,000 members through its branches in Bushwick, Bedford-Stuyvesant and East New York.
“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.
Alongside Lower East Side People’s Federal Credit Union, which also includes The Bronx People’s FCU, Brooklyn Coop is among the first credit unions to participate in the initiative.
Through Business Forward, participating credit unions will offer loans ranging from $50,000 to $500,000. The goal is to strengthen small businesses, help them grow and create lasting economic impact in local neighborhoods.
The initiative was launched with a $5 million investment from New York State’s Empire State Development through the State Small Business Credit Initiative. It aims to serve as a model for how states can deploy funding to support small business stability and growth while expanding the reach of CDFI credit unions.
The effort marks a step toward expanding community lending options and ensuring more New York small businesses can access the resources they need to succeed.
