What's Happening

By Cathi Kim
Senior Vice President, Inclusiv/Capital, Investments and Impact

September 12, 2024, New York, New York -- Inclusiv and the Adrian Dominican Sisters announced the Sisters’ investment in Cooperativa de Ahorro y Crédito Jesús Obrero (“Jesús Obrero”), a Community Development Financial Institution (CDFI) cooperativca advancing the economic well-being of communities in Guaynabo, Puerto Rico.

Puerto Rican cooperativas have been at the forefront of Hurricane Maria recovery efforts and initiatives to revitalize local economies across the Island. Jesús Obrero’s mission and impact focus on the economic, social, and environmental well-being of under-resourced communities and the cooperative sector. 

Jesús Obrero has developed one of the leading green lending models, providing critical infrastructure on the island by financing the installation of hundreds of solar systems for households and small businesses and supporting the creation of community micro-grids.

The Adrian Dominican Sisters Portfolio Advisory Board is the first investor to replicate the model created by Inclusiv and Deutsche Bank Americas Foundation to invest in cooperativas and their recovery and resiliency initiatives in Puerto Rico. This partnership demonstrates the strength of the Puerto Rican cooperative sector and field building efforts led by Inclusiv. This investment represents the latest impact initiative added to the 42-year partnership between Inclusiv and Adrian Dominican Sisters. 
Read more about Inclusiv’s partnership with Adrian Dominican Sisters in the 2023 Inclusiv Annual Report.

“The Adrian Dominican Sisters have been catalytic partners to the community development credit union movement, demonstrating what is possible when we lead with purpose and put communities first,” said Cathie Mahon, President and CEO of Inclusiv. “Inclusiv is grateful for the Sisters’ dedication and foresight that provided the critical capital necessary for the growth of the CDFI sector. We are delighted to expand our partnership on anti-poverty and wealth-building initiatives to include the climate resiliency and economic revitalization efforts led by cooperativas in Puerto Rico.” 

Sister Marilín M. Llanes, OP, Director of the Adrian Dominican Sisters’ Portfolio Advisory Office, said, “We rejoice with our new partnership with Cooperativa de Ahorro y Crédito Jesús Obrero thanks to Inclusiv for facilitating the connection. A great hope in common we share is to be pathways bringing about economic opportunities for the struggling but resilient communities in Puerto Rico.” 

Aurelio Arroyo González, Executive President of Cooperativa Jesús Obrero, said the investment “allows us to continue expanding the footprint of cooperative solidarity work in our communities.” He added that since its founding in 1959, the Cooperativa has focused on developing financial products and services that strengthen members' ability to improve their conditions and quality of life and, more recently, to enhance their capacity to face the challenges brought by climate change. “This investment represents a boost to the history of community engagement of our institution, and we receive it with the commitment to continue creating opportunities for our members, communities, and the cooperative ecosystem of Puerto Rico,” he said. 

Inclusiv’s work to increase investment in cooperativas is just beginning. Thanks to trailblazing investors like the Adrian Dominican Sisters and Deutsche Bank Americas Foundation, more institutional investors are exploring opportunities to support cooperativas by working with Inclusiv to invest and place deposits in these vital institutions. The first mainland investor deposits in cooperativas are coming soon and Inclusiv looks forward to continuing to grow its capital offerings for the cooperativa sector.