St. Philip"s Church Federal Credit Union

New York NY


St. Philips Church FCU, located in and serving the Harlem community of Upper Manhattan, was established in 1951 and currently has 1.8 million in assets. Up until 2004 theya€™ve been a purely church a€“ based credit union. St. Philips is on a path to move beyond basic savings vehicles to offer auto, micrenterprise and mortgage loans.

CDFI Awards for St. Philip"s Church Federal Credit Union


TA (2005) - $44,000

St. Philips will use the 2005 TA grant of $44,000 to cover staff salary costs to analyze the expanded market to determine an appropriate market strategy for offering financial literacy services, upgrade hardware and software technology to serve more members more efficiently, and to hire a consultant to develop business lending policies and procedures and train staff on business lending.



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The Recovery Capital Loans Program provides financial assistance to small business with less than 500 employees to obtain a deferred payment loan from the agency, in order to meet existing debt payments, thereby giving the business the opportunity to refocus their business strategy.







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The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to support minority-owned businesses by providing them with electronic and one-on-one business development services for a reasonably nominal fee.





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