1.  Name of your credit union:  Union Settlement Federal Credit Union

2.  Name of innovative program:  Business Lending Programs

3.  Brief description of program: Union Settlement Federal Credit Union is a low income credit union with approximately $8 million in assets serving the East Harlem community in New York. They offer business loans to their members by using a variety of community partners.  They have partnered with the National Federation of Community Development Credit Unions (NFCDCU) and other community development credit unions to seek non member deposits for loans and grant funds to hire experienced member business loan officers.  They offer all types of member business loans from start up loans to Inventory loans and accept many forms of collateral to meet their member’s needs. They also are involved in participation loans and SBA lending.

When developing their program they trained their staff, board members and credit committee in proper underwriting as well as marketing and outreach.  They have partnered with Pace University, Baruch College – Small Business Development Center, and Empire Stat Development Corporation to provide technical assistance and training for the borrowers.  

They are working with the New York City Financial Network Action consortium (NYCFNAC) to share a business loan officer, perform member outreach and marketing, and to ensure strong loan underwriting.  These partnerships have allowed Union Settlement Federal Credit Union to make a difference in the lives of many.

4.  Contact person for program: 

     Phone number: