The $302 million ASI Federal Credit Union, a communitydevelopment credit union that serves the greater New Orleans area,has begun administering loans on behalf of Kiva.org.
|The effort is part of Kiva New Orleans, a project that the notedmicro-lender said should bring $500,000 in loans to residentslooking to rebuild or build businesses in the troubled region stillfeeling the effects of Hurricane Katrina in 2005.
|“ASI Federal Credit Union has over 75,000 members, drawn to ourmission to strengthen the financial health of underservedcommunities through financial services and education,” said MignhonTourne, CEO of ASI Federal Credit Union, in a Kiva statement about the effort.
|“Kiva New Orleans is an ideal platform through which we can worktogether with our partners to help our fellow small businesses andlocal communities,” Tourne said.
|So far, ASI is administering four loans on behalf of the initiative,including to two construction companies, a secretarial servicescompany and a party goods provider.
|The Good Work Network, a New Orleans area non-profit that workswith entrepreneurs, refers potential borrowers to ASI, which thenanalyzes, underwrites and administers the loans, Kiva said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
