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Syracuse Cooperative Federal Credit Union
723 Westcott StreetSyracuse NY, 13210
CDFI Awards for Syracuse Cooperative Federal Credit Union
TA (2008) - $100,000
Syracuse Cooperative Federal Credit Union is a certified CDFI in operation since 1982. The credit union serves a low-income target population within Syracuse. It has faced increasing demands for financial products and services, especially loans to minority- and women-owned enterprises. It will use its FY08 Technical Assistance grant to open a third branch office and increase its activity in Syracuse"s North Side. The grant will support creation of a new loan officer position and IT equipment for the new office.
FA (2007) - $357,835
Founded in 1982, Syracuse Cooperative FCU (SCFCU) is nonprofit, member-owned financial service cooperative. It operates two offices located in low-income, multicultural, urban neighborhoods in Syracuse. SCFCU’s members are predominantly low-income residents of the City’s “urban core.” It offers a full range of affordable financial services such as various transaction services, accounts, loan and mortgage financing, and an extensive array of development services. SCFCU will use its FY07 Financial Assistance award to replenish its loan capital as it prepares to purchase and operation a new office in an underserved, low and moderate-income neighborhood. It will use its Technical Assistance award to help fund staff for the new office; undertake a market analysis for a field of membership expansion; train new and existing staff; and purchase technology.
TA (2006) - $99,969
Syracuse Cooperative Federal Credit Union (SCFCU) is a certified credit union established in 1982. SCFCU provides low and very low-income minorities with access to basic depository, consumer and mortgage products. SCFCU will use the 2006 TA grant of $99,969 to 1) obtain consulting services to design plans for a new office; 2) pay for staff training in collections and branch operations; 3) purchase computers, peripherals, and office equipment; and, 4) pay the salaries and fringe benefits for two new personnel for one year.
FA (2005) - $481,680
SCFCU will use their FA award of $481,680 to capitalize their lending programs and balance their net worth. They will use the technical assistance grant of $50,400 to improve their existing products and services as they continue to expand their membership.
TA (2004) - $62,924
Syracuse Cooperative Federal Credit Union plans to use the award to increase fiscal stewardship, add new products and services, and reach out the Spanish speaking population in Syracuse, assisting them in accessing credit for home ownership and small business needs through capital access, individual development accounts, business planning and home ownership counseling. This award will provide Syracuse Cooperative Federal Credit Union with the technical assistance to accomplish these goals by providing funds for a marketing analysis, translation of web site text and miscellaneous lending documents into Spanish, obtaining updated accounting software, security items and office equipment, and funds for Turnkey Merchant Card Service, Bill Payer Service and Credit Card Service and international remittance service.
CORE (2002) - $345,400
The Awardee"s technical assistance award of $45,400.00 will allow the Awardee to purchase technology (including an ATM) and training for their staff.
SECA (2001) - $55,000
The TA award will enable the SFCU to purchase and install an ATM, home banking software, and mortgage processing software, which collectively will help it attract and maintain members. The award will also pay for staff training and consulting, thus enabling the credit union to manage its growth (and therefore serve its members" needs) more efficiently and effectively.
SECA (2000) - $64,500
The Fund"s technical assistance grant will be used to purchase technology, train staff, and obtain consulting services for expanding into a new branch office.
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