Brooklyn Coop serves neighborhoods that are overwhelmingly minority, immigrant and low-income. Our communities are 81% nonwhite compared to 34% nationally, with a 22% poverty rate versus 11% nationally, and $60,585 median income compared to $69,560 for the US (2020ACS). Among Bk Coop members, 39% do not speak English at home.

At the root of these challenges is the absence of affordable financial services. NY City’s unbanked rate is 9%, but Bk Coop’s neighborhoods average 14%. This makes it difficult for families to save, to borrow, or to establish positive credit history, all of which are necessary aspects of building wealth.

Bk Coop’s approach to these deep challenges is sharp and specific: we provide fair and affordable financial products that directly address market gaps, building assets and resilience in our local communities. Among these financial products, lending is foundational: it is how we achieve our mission of building wealth and the interest income it generates ensures the credit union’s sustainability.

The credit union specializes in small business loans (under $50,000), small personal loans (averaging less than $3000), and mortgages to first-time homebuyers. By opening up access to capital to those who may not have other, affordable options, Brooklyn Coop fulfills its mission of building wealth and opportunity for its members.