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NEW YORK-NCUA Chairman JoAnn Johnson saw the people helping people philosophy in action recently at a deli that received a loan from Lower East Side People’s Federal Credit Union. Johnson stopped in at Colors, a new cooperative restaurant, which recently opened for business thanks to a bridge loan from LESPFCU. The restaurant founders are former employees of Windows On The World, the restaurant at the top of the World Trade Center that was destroyed on 9-11. According to organizers, the credit union financed the project when no one else would touch it. She also toured other small businesses that have benefited from LESPFCU’s micro-lending program. In addition to serving a Hispanic community of lower Manhattan, LESPFCU has expanded its field of membership to underserved residents living in West Harlem. “Lower East Side People’s Federal Credit Union is a great example of an emerging and visionary credit union that is meeting the demand for small business lending and is filling a niche needed by growing small business owners,” Johnson commented. “Credit unions can and are meeting the business lending needs of their members. I commend the credit union for branching out to serve the underserved. These not-for-profit financial cooperatives such as Lower East Side People’s Federal Credit Union are enabling more Americans to establish small businesses, which create jobs and helps realize a positive economic impact in communities across the country.”

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