Nusenda Credit Union announced four new Nusenda Co-op Capital microloan program partners: Native Renewables, New Mexico Community Capital, NMCAN, and the Santa Fe Community College Foundation. Through the program, Nusenda supports underserved borrowers
as they start or grow their businesses.
"We are looking forward to doing impactful work with these incredible New Mexico organizations,” said Nusenda Vice President of Community Engagement Sara Keller. “Nusenda Co-op Capital extends access to capital through established community
organizations.”
“I am so excited about Native Renewables' partnership with Nusenda Co-op Capital,” said Co-Founder and Executive Director of Native Renewables, Suzanne Singer. “We are piloting a financing program that allows families to make monthly
contributions to solar power ownership and energy independence. This program is a first step to removing economic barriers to affordable power for families living without electricity.”
Keller added: “Each Nusenda microloan program partner provides unique services to the community. We are thrilled to add these new lending partners in our efforts to help people across the state thrive.”
Nusenda’s newest Co-op Capital partner organizations are:
- Native Renewables: Native Renewables mission is to empower Native American families to achieve energy independence by growing renewable energy capacity and affordable access to off-grid power. Its vision is to provide solar power to homes on the Navajo and Hopi reservations that are “off the grid” and educate Native communities about solar and renewable energy. The partnership will enable their clients to help pay for solar photovoltaic systems for their homes.
- New Mexico Community Capital (NMCC): NMCC’s mission is to build and support a more equitable future by providing culturally appropriate tools for success to emerging Native American-owned businesses, Native families, and tribal enterprises. It supports tribal agencies and organizations with specialized technical assistance and business services. NMCC offers classes and programs taught using supportive mentorship, peer learning, and culturally relevant curriculum. The partnership will allow NMCC to support Native American entrepreneurs in their network to access affordable capital to start and scale their businesses.
- NMCAN: NMCAN partners with young people to build community, promote equity, and lead change. Since 1990, NMCAN has been leveraging community partnerships and volunteerism to improve children and youth’s experiences in foster
care. It engages young people impacted by foster care and juvenile justice systems to improve their transition to adulthood. Together, it works to reduce systemic barriers that negatively impact their lives; help them learn how to build positive
community networks and strengthen their sense of belonging; and access tools to achieve goals related to education, employment, health, housing, and personal finance.
- Santa Fe Community College Foundation: For more than 35 years, Santa Fe Community College (SFCC) has been the gateway to success for individuals and the community by providing affordable, high-quality educational programs that serve
the social, cultural, technological, and economic needs of a diverse community. SFCC is designated a Best for Vets and a Military Friendly school. The college serves more than 13,000 students per year in its credit, noncredit and adult programs.
The program will allow SFCC to support students, including students with mixed immigration status, to obtain emergency capital to ensure their ability to stay in school.
Nusenda Co-op Capital is a relationship-based microloan program for people from low-income and underbanked populations, Native American communities, people of color, and other borrowers who face structural barriers to economic mobility. It provides access
to capital through educational, cooperative, and nonprofit organizations, who then create customized microloans for their constituents.
In partnership with the W.K. Kellogg Foundation and the U.S. Small Business Administration, Nusenda Credit Union currently services more than 220 microloans for borrowers who have received nearly $1 million in loan dollars with close to a 100% repayment
rate. Current partners include Street Food Institute, UpTogether, Partnership for Community Action, Cultivating Coders, Native Community Capital, South Valley Economic Development Center,
Native Women Lead, UNM Innovation Academy, Change Labs,
Three Sisters Kitchen, and International District Economic Development.