Nusenda Credit Union
Nusenda Credit Union developed Co-op Capital, a collaborative financial product, to widen access to capital that is usually out of reach for low-income entrepreneurs. While character-based, community circle micro-lending is not new to the field of financing, especially internationally, the foresight to offer these loans through member organizations versus the banking institution is largely untried in the United States. The product flips the traditional model of a borrower applying for a loan through a financial institution. Instead a member organization, such as a co-op, union or association, sponsors a loan on behalf of one of their member affiliates.
Nusenda is firmly established as a progressive, nationally-recognized co-operative organization energized by innovation, committed to its community, and determined to achieve greater impact. The largest credit union in the state of New Mexico by membership, it operates and supports various innovative programs in the community, including partnering in a micro-aid initiative that provides micro loans to underserved and high risk students in the same way that startup companies are financed.