Mission and History
Brooklyn Cooperative Federal Credit Union (Brooklyn Coop) is a community credit union serving Central Brooklyn since its founding in 2001. We are also a certified CDFI (community development financial institution).
Our strengths relate to the affordability and flexibility of our account services, the comprehensiveness of our loan program, our innovative approach to technical assistance, and our commitment to communities neglected by mainstream banking institutions.
Brooklyn Coop’s mission is to further wealth-building, opportunity, and resilience in our communities by offering fair and affordable financial services.
Brooklyn Coop operates two full-service branches in Bushwick and Bedford-Stuyvesant in Central Brooklyn, home to almost 300,000 people, more than 95 percent of whom are minorities. Like residents in so many low-income neighborhoods across the country, our members have few options when it comes to accessible and affordable savings accounts, checking accounts, personal or mortgage loans, or working capital to start or expand their small businesses.
In response to these needs, the credit union has evolved a fairly sophisticated range of products and services, operates six days a week, and has emerged as a model community development credit union nationwide.
Accessible and Affordable Accounts
Brooklyn Coop accepts the NYC ID for opening an account, and will accept an ITIN in place of a social security card. We do not screen members through Chexsystems. Our minimum balance is $5 for a savings account and the monthly fee only $1 (see here for our account options).
Serving Small Businesses
Brooklyn Coop serves small businesses in three ways:
- Account services: We can open accounts for many types of small businesses, and even for businesses without an EIN yet.
- Business loans and lines of credit: Brooklyn Coop is an SBA-approved small business lender and well-known in New York City for our experience with serving local businesses of all sizes.
- Tax prep: Brooklyn Coop is the only non-profit providing tax preparation for small businesses and the self-employed.
From less than $300,000 in our first year, Brooklyn Coop now holds almost $25 million in assets and we are comprised of about 6,000 members.