The Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish) confirmed that local credit unions will be able to access some $3 billion in budgetary allocations included in the new federal economic stimulus package that seeks to revitalize communities with low and moderate resources.
The federal funding bill allocates $3 billion to strengthen the technical capacity and impact of financial institutions in communities affected by the COVID-19 pandemic. Puerto Rico’s credit unions are eligible to receive funds to strengthen their ability to meet the financial needs of the communities they serve, COSSEC officials said.
This allocation of funds is the largest in the history of the Community Development Financial Institutions Fund (CDFI Fund), under the US Department of Treasury, which manages these economic development programs.