Dear Editor: 

We were excited to see last week’s article in Our Time Press regarding Councilwoman Narcisse’s effort to connect small businesses to CDFI lenders like Brooklyn Cooperative Federal Credit Union. We agree 100% with her assessment: small businesses are the backbone of NYC neighborhoods, and they deserve affordable and accessible financial services. Brooklyn Coop’s mission is to provide these services – banking, credit, and technical assistance – at low cost, with exceptional quality. As a credit union we are member-owned and non-profit. As a CDFI, we are federally certified as a dedicated provider of credit and economic development to the underserved. These distinctions matter – it’s why our communities can rely on us.  

Over the past 22 years, Brooklyn Coop has built deep relationships with the small businesses of Central and Eastern Brooklyn, particularly those that are immigrant or POC-owned, and earn less than $100,000 in annual income. We provide loans for start-ups or existing businesses on transparent, flexible terms. Our loan officers get to know our borrowers, and personally service the loans they originate.  

We also agree with the Councilwoman on the complexities facing small business-owners and the need for honest and reliable technical assistance. This is why Brooklyn Coop initiated our popular tax prep program for small businesses in 2010. During the most recent tax season, we prepared and filed returns for 143 businesses, 84% of which were minority owned.  

Brooklyn Coop continues to grow, and we invite local elected officials as well as local businesses to get to know us better.  Just this year we opened our third, full-service branch in East New York; we launched the ‘Brooklyn Growth Fund’ to provide collateral guarantees to immigrant-owned businesses ineligible for SBA funding, and we hired a full-time Business Banker dedicated to small business support.  Find out about these or other business services by emailing Juan@brooklyn.coop or visiting our website at www.brooklyn.coop.