Why Borrow From Brooklyn Coop?
Lending is foundational to building resiliency and opportunity.
Our Lending Philosophy
For Brooklyn Coop, lending is foundational: it is how we achieve our mission of building resiliency and opportunity, and it ensures the credit union’s sustainability by generating interest income. We have been lending since we opened our doors in 2001. By now we are among the country’s most experienced and successful small dollar lenders.
We specialize in business loans under $50,000, personal loans that average less than $3,000, and mortgages under $400K.
Small Business Loans
Brooklyn Coop has been an approved SBA lender since 2006. While the average for all SBA loans closed in Kings County in 2024 was $443K, Brooklyn Coop’s average business loan was $29,000, demonstrating our attention and support of the truly small business-owner.
In addition, we are the most prolific SBA lender in Kings County, closing twice as many small business loans as the second-place lender.
Read Oscar Perry Abello’s profile of Brooklyn Coop’s business lending here
More InformationPersonal Loans
Few financial institutions provide affordable credit to borrowers with low incomes and less than prime credit scores. Brooklyn Coop explicitly welcomes and serves these borrowers.
- Processed 840 loan applications last year, converting 85% into loans.
- Consumer loans average $4,800.
- No minimum credit score, no SSN required, flexible income acceptance including gig work.
- Average credit score in 2023: 661; 25% of borrowers had <620.
- 20% of new members in 2023 joined primarily to apply for a loan.
Home Loans
Brooklyn Coop does not sell our home loans to the secondary market. This ensures:
- Bk Coop staff will always be your lender, servicing loans directly from our Brooklyn branches.
- We are not beholden to Fannie Mae-type guidelines, relying on experienced staff and community-focused Loan Policies.
- We accommodate applicants seeking affordable cooperative housing apartments.