Aerial view of San Juan, Puerto Rico. (Source: Shutterstock)

Certified Community Development Financial Institution (CDFI) intermediary Inclusiv has become the first U.S.-based investor to support Puerto Rican cooperativas, according to a Monday announcement. The New York, N.Y.-based organization, in partnership with Deutsche Bank Americas Foundation, completed its first capital deployment on Dec. 16, 2022 into Cooperativa de Ahorro y Credito Jesús Obrero.

Inclusiv said the initial investment, totaling $1 million, was made possible by a Program-Related Investment (PRI) loan under Deutsche Bank Americas Foundation’s New Initiatives Fund. The Fund, created in 1997 by Deutsche Bank, “provides flexible financing that serves the needs of the poor and disadvantaged communities within the United States and throughout the developing world,” according to Deutsche Bank USA’s website.

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Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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