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Lower East Side People"s Federal Credit Union
New York NYCDFI Awards for Lower East Side People"s Federal Credit Union
TA (2006) - $100,000
Lower East Side People’s Federal Credit Union (LESPFCU) is a certified CDFI established in 1986. LESPFCU provides traditional credit union financial products as well micro-enterprise loans, small business loans, and lines of credit, to self-employed and other small businesses. LESPFCU serves a Target Market concentrated in the Lower East Side of New York City -- a predominantly Spanish-speaking community known as "Loisaida." LESPFCU will use the 2006 Technical Assistance grant of $100,000 to 1) to purchase and install 25 new computer systems; and 2) purchase and install technology to allow for Credit/Debit/ATM Card issuance and management.
FA (2004) - $560,000
The Lower East Side People"s Federal Credit Union (LESPFCU) will use the award to facilitate growth of the credit union as it works to increase its membership base within its existing target market. With the Financial Assistance Award, LESPFCU will provide consumer loans, business loans, mortgage and affordable housing development loans in Hot Zones on the Lower East Side. LESPFCU will use the technical assistance grant to obtain staff training and to engage a consultant to perform an operations and efficiency analysis.
CORE (2002) - $574,000
The Fund"s financial assistance of $500,000.00 and technical assistance award of $74,000.00, will enable LESPFCU to expand the range of loan products and services that it offers to its community and assist with the opening of a new branch office.
CORE (2000) - $337,000
The CDFI Fund"s $337,000 award ($180,000 capital grant and $157,000 technical assistance grant) will facilitate growth of the credit union by enhancing and expanding its current menu of products and services. The technical assistance grant will support staff development, implementation of LESP"s marketing plan, and upgrading of its computer systems.
SECA (1999) - $66,740
The technical assistance grant will be used for installation costs of ATM on-line processing and an audio response phone system as well as the design portion of a communications plan.
SECA (1998) - $48,800
The technical assistance award of $48,800 will help the credit union conduct a market study of its service area"s credit needs, analyze and refine existing lending products, develop new lending products and revise its marketing strategy.
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