The allocation will boost their capacity to offer consumer, mortgage, and small business loans
Seventeen credit unions across Puerto Rico will receive a combined $9.8 million from the U.S. Department of the Treasury to expand lending, strengthen financial services and support small businesses and underserved communities, following a long‑awaited release of federal funds approved by Congress in 2025.
The allocation, made through the Community Development Financial Institutions Fund (CDFI Fund), directs $8.8 million in Financial Assistance awards to 10 cooperatives, boosting their capacity to offer consumer, mortgage and small‑business loans. Another six institutions secured $698,954 under the Small Dollar Loan Program to develop small‑loan products for people with limited or damaged credit histories. Two additional cooperatives received $300,000 in Technical Assistance to improve operations and services. Several institutions qualified under more than one program.
René A. Vargas Martínez, vice president for Puerto Rico and the U.S. Virgin Islands at Inclusiv, a CDFI intermediary, said in a statement Thursday that the funding marks the culmination of months of coordinated advocacy to unlock resources that had been stalled in Washington.
“From the cooperative movement, Inclusiv and our allies maintained a constant effort with legislators of both parties to demonstrate the importance of the CDFI program and its direct impact on access to capital and economic development in our communities,” Vargas Martínez said.
The cooperatives receiving Financial Assistance include: Aiboniteña, Las Piedras, Yauco, Sagrada Familia, Jesús Obrero, Juana Díaz, San José, EDUCOOP, Oriental and Caguas. Funds under the Small Dollar Loan Program were awarded to Lares y Región Central, La Puertorriqueña, Aiboniteña, San Rafael, Padre Macdonald and Electrocoop. Technical Assistance awards went to Los Hermanos and Intermetro.
Cathie Mahon, CEO of Inclusiv, described the allocation as a significant win for the island’s cooperative sector and the communities it serves.
“The cooperatives are prepared to use these resources to expand access to affordable housing, support small businesses and drive local economic growth,” Mahon said.
Leaders of Puerto Rico’s cooperative sector echoed the impact. Dahlia Torres, executive director of the Asociación de Ejecutivos de Cooperativas, said the investment will broaden access to capital for small and mid‑sized enterprises. Carlos F. Ortiz Díaz, president of the Association’s board, emphasized that the funds will strengthen credit access for families and communities with limited financing options.
“Strengthening credit unions is strenghtening Puerto Rico,” Ortiz Díaz said.
Mabel Jiménez, president of COSSEC, noted that the corporation will monitor the use of the funds to ensure they advance sustainable economic development.
Since the launch of Inclusiv’s CDFI Initiative for Puerto Rico in 2018, the island’s credit unions have secured more than $343 million in Treasury funding, plus $27 million in impact deposits, loan participations and capital investments facilitated through Inclusiv.
Inclusiv represents more than 452 financial institutions operating in the mainland United States and Puerto Rico.
