The Department of the Treasury's Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP, CFDA #21.033) awarded Cooperativa De Ahorro Y Credito De Arecibo (Coopaca) $3.7 million on April 10, 2023. Coopaca is a certified Community Development Financial Institution (CDFI) providing loans, financial services, and technical assistance to underserved communities in Puerto Rico impacted by COVID-19 through December 31, 2028. As a minority-owned, nonprofit credit union, Coopaca will use this funding to expand lending and investment activities for low- and moderate-income individuals, including minorities disproportionately affected by the pandemic, who have unmet capital needs. This award builds on over $8 million in prior CDFI Fund grants since 2019 that supported Coopaca's pandemic response, loan loss reserves, operational capacity, and community reinvestment through 2026.
Generated 2/6/24, 12:33 PM