Lower East Side People's Federal Credit Union: Latest News

e-Statements are finally here!

Mon, 05 Oct 2009 13:32:00 -0500

It’s easy to enroll. Just log onto Online Banking and click “e-Statement”

- Access through our secure online banking

- They’re more convenient, faster, and cheaper than paper.

- No need to receive and file paper statements.

- Your account statements are archived for 6 months.

SBA Express Program for Small Business Loans

Wed, 21 Jan 2009 10:53:00 -0600

The maximum loan amount is $25,000. It can be for a line of credit or term loan. For more information on this program, speak to our Business Loan Officer at the credit union.

Supporting Our Local Businesses: Personal Style Optical

Tue, 25 Nov 2008 11:59:00 -0600

If your goal is to own a small business, then the LES People’s Federal Credit Union will try to help you reach that goal.

Elando, owner of Personal Style Optical, wanted to pursue engineering when he enrolled in a technical high school here in New York, after moving from the Caribbean. There was no room in the program, however, so he chose optics as a follow up field of study. So, after accruing many years of experience working in the optical field, not to mention his many years of study, Elando decided that it was his time to start his own business.

One of the obstacles Elando faced was getting the expertise, guidance, and encouragement he needed to go ahead with his project, not to mention the actual loan. “People would tell me that it wasn’t possible and I would think, alright, but tell me why, tell me how to improve my business plan”, said Elando.

The LES People’ Federal Credit Union furnished Elando with constructive criticism, business know how, and the start up-loan needed to begin “Personal Style Optical”.

The LES People’s Federal Credit Union helps individuals like Elando turn a business idea into a workable, and successful, reality.

Food Stamp screening available at the credit union!

Wed, 19 Nov 2008 10:14:00 -0600

Find out if you can save money on your grocery bills!

for more information contact: Karen Castillo 212-529-8197 ext. 25

LESPFCU Semifinalist for Wachovia NEXT Awards

Wed, 27 Aug 2008 13:00:00 -0500

LOWER EAST SIDE PEOPLE’S FEDERAL CREDIT UNION PICKED TO COMPETE FOR $8.25 MILLION WACHOVIA NEXT AWARDS FOR OPPORTUNITY FINANCE

Large Awards Spotlight Past Performance and Future Potential in Hard-to-Serve Markets

Semifinalists in 8 States from California and Louisiana to New York and New Hampshire

NEW YORK CITY – One of the nation’s largest and most prestigious awards programs in the financial services industry today announced New York City-based Lower East Side People’s Federal Credit Union (LESPFCU) is a semifinalist for $2.75 million to scale up their success. Community development financial institutions (CDFIs)are special purpose financial institutions skilled at creating opportunities and economic growth in hard-to-serve markets across the nation.

This year’s contenders serve diverse urban and rural populations and offer potent antidotes to the lending practices that led to today’s financial markets crisis.

Lower East Side People’s Federal Credit Union (LESPFCU) is a community development credit union, with branches on the Lower East Side and Central Harlem, which has been providing safe, alternative financial services for 22 years.

The Wachovia NEXT Awards for Opportunity Finance in partnership with The John D. and Catherine T. MacArthur Foundation is run by the Opportunity Finance Network (OFN) and funded through OFN by The Wachovia Foundation and The John D. and Catherine T. MacArthur Foundation. The Wachovia NEXT Awards for Opportunity Finance recognize excellence among financial institutions that responsibly serve lowincome and low-wealth people and communities.

“Lower East Side People’s Federal Credit Union has blazed an unlikely trail on solid ground against expectations,” said Mark Pinsky, CEO of the Philadelphia-based Opportunity Finance Network. “All 10 CDFIs have proven their ability to transform communities and markets and are ready to make significant leaps forward.”

LESPFCU CEO, Linda Levy said: “We are delighted to be singled out for recognition as a semifinalist in the review process for the Wachovia NEXT Awards for Opportunity Finance. This validates our hard work in the community and our efforts bring opportunity finance to people and neighborhoods that might not otherwise benefit from it. We are honored to be actively considered for an Award that could really transform LESPFCU and take it to the next level.”

The awards were first introduced in 2007. The 10 semifinalists for 2008 are: ASI Federal Credit Union, Harahan, La.; Community First Fund, Lancaster, Pa.; Corporation for Supportive Housing, New York; Homewise, Inc, Santa Fe, N.M.; IFF, Chicago, Ill.; Lower East Side People’s Federal Credit Union, New York; Low Income Investment Fund, San Francisco, Calif.; Neighborhood Housing Services, Chicago, Ill.; New Hampshire Community Loan Fund, Concord, N.H.; Southern Bancorp, Arkadelphia, Ark.

The $8.25 million in grants and investments will be awarded to two CDFIs with excellent past performance and exceptional potential to extend or expand their work. A distinguished Selection Committee will meet in Chicago on September 25th to select the recipients. The Selection Committee will announce the awardees of the Wachovia NEXT Awards for Opportunity Finance on Wednesday, December 10, 2008 at a ceremony attended by more than 700 of their peers in Albuquerque, N.M. during OFN’s Annual Conference.

Last year’s awardees were the Latino Community Credit Union (LCCU) of Durham, N.C. and ACCION Texas, a statewide organization based in San Antonio, Texas. LCCU is using its $5.5 million award to keep pace with its growing market of immigrant and low-income customers across North Carolina. ACCION Texas has put its $2.75 million prize into extending its micro-lending reach, to help micro-entrepreneurs in the Lone Star state and neighboring states using a unique micro-credit scoring model.

“This year’s awardees will define what it means to be NEXT,” said Mike Rizer, executive vice president for the Wachovia Foundation. “We’re proud to continue our long-standing support for the Opportunity Finance industry with our investment in the Wachovia NEXT Awards for Opportunity Finance, which will help innovative, up-and-coming CDFIs grow and create even more economic opportunity for families and communities.”

Like LCCU and ACCION Texas, this year’s awardees must show financial strength, a boldbut- sound vision for their organization’s future, exceptional leadership to realize their potential, and a commitment to excellence and innovation.

The Wachovia NEXT Awards were established to spotlight how CDFIs increasingly benefit our economy. CDFIs are market-based, private-sector financial intermediaries that finance opportunities benefiting low-wage and low-wealth people. They help people and communities beyond the reach of conventional finance to join the economic mainstream and open “opportunity markets” to mainstream institutions. At year-end 2006, the CDFIs in OFN had cumulative net charge-off rates of less than 1.3 percent, based on more than $25 billion in financing over more than 30 years.

“The Opportunity Finance industry’s track record gives us confidence and hope, even at this time of serious economic challenges,” added Debra Schwartz, director of program related investments for the MacArthur Foundation. “We hope that these game-changing awards will educate all who participate in our country’s financial and credit markets about the pivotal role of CDFIs and the valuable contributions they’re poised to make in the years ahead.”

To arrange to interview Mark Pinsky, CEO of the Opportunity Finance Network, the Wachovia NEXT Award semifinalists and spokespeople from the Wachovia and MacArthur Foundations, please contact Jeanine Plant at 212.245.0510 or jplant@pro-mediacommunications.com.

check the complete article here.

Get Your FREE METS Tickets!

Wed, 27 Aug 2008 12:27:00 -0500

Get Your FREE METS Tickets!

If you are already a member of our credit union Refer a Friend and you will get 2 FREE METS Tickets!

It’s that Simple! HURRY! This promotion will end in Mid- September!!

Another great reason to be a part of a credit union!!

The Best of Harlem Magazine

Wed, 27 Aug 2008 10:41:00 -0500

Chris D. Kilpatrick is the Vice President of ’’Marketing Inside and Out Advertising’’ (MIOA), which has created various publications meant to connect consumers with local businesses.

MIOA began 8 years ago in New Jersey before expanding last year to Harlem. Since then, MIOA has introduced ’’The Best of Harlem”.

This magazine is mailed directly to residents and it offers a venue for businesses to advertise as well as an opportunity for consumers to discover new stores and find discounts.

Why did this growing enterprise choose the LES People’s Federal Credit Union (LESPCFU) for their business account? “The Credit Union is ’’hands on’’, which is very advantageous for small businesses looking for individual attention,’’ said Chris.

Even though he is operating in two cities, Chris can still see the benefits of having accessible personal who can give his business the one – on – one attention that it needs.

Aside from the Credit Union’s businesses accounts, Chris emphasized the competitive rates offered to small business owners and other members.

“If you’re looking for a good percentage for a Personal Line of Credit (P-LOC) or for a VISA credit card then LESPFCU’s rates are very aggressive; it’s ideal for businesses trying to start up,’’ said Chris, who has expanded his business to Manhattan East and soon to Manhattan West.

For more information about MIOA, call (212) 234-5486 or e-mail mioanyc@gmail.com.

Traveling Internationally this Summer?

Mon, 21 Jul 2008 10:36:00 -0500

If you are planning to travel out of the country, please speak to a Member Service Representative before your trip to discuss safer ways to access your money.

To protect your money from fraud, many countries are now being blocked from Debit Card PIN transactions.

Sloan Fine Art Gallery

Wed, 16 Jul 2008 15:09:00 -0500

Alix explored her love for art while working for a museum after she completed her Humanities degree in her home state of California. Paintings took a back seat however, when Alix began working in the film industry, where she stayed for many years. After trying her hand in the dot-com market, Alix felt that it was time to return to the world of art and start her own business in her new home of New York City!

Of course, starting an art gallery in New York is no small task, which is why Alix decided to collaborate with Tiffanie, a financial consultant, who recommended that Sloan Arts bank with the Lower East Side People’s Federal Credit Union (LESPFCU). Was it good advice? “We appreciated the decision immediately,’’ said Alix.

“We recently received an invitation to an art showing,” said Alix, which is an important step for any art gallery. The art showing is important because it would give us more exposure in the art world, which is crucial for art galleries wanting to make a name for themselves. Although Alix and Tiffanie were ready to make the investment and send in their entrance fee for the showing, they did not have the liquid assets on hand.

The nature of the art world means that art galleries must wait, sometimes for weeks or months, for a check from a buyer. This means that there are oftentimes layovers when an art gallery has earned money but will not actually receive the money for a period of time; time that would have made Alix and Tiffany miss their deadline.

“So we came to Alfonsina Morel,” the LESPFCU’s Small Business Loan Officer. Alfonsina gave Sloan Fine Art overdraft protection, which allowed Alix and Tiffanie to pay their entrance fee and make their deadline without worrying about whether their checks had come in. Now Alix and Tiffanie are gearing up for their first art showing, thanks to their hard work and help from LESPFCU. Their experience pulls together the essence of what LESPFCU is all about: allowing small businesses to begin taking the steps they need to succeed.

Sloan Fine Art is located on 128 Rivington Street at the corner of Norfolk Street. Visit their website for more information about the gallery, www.sloanfineart.com.

Café Cortadito

Tue, 01 Jul 2008 10:47:00 -0500

Owned and run by Patricia and Ricardo Arias, Café Cortadito has just celebrated its 1st year of business. This husband and wife team does everything from cooking all of the dishes served to greeting guests and serving the meals. First timers are recommended to try: Camarones Havana Vieja, Churrasco, Ropavieja, or Ox-tail.

Before opening their own restaurant, Patricia and Ricardo both worked as mangers for Victor’s Café, the establishment first credited for being the founder of Cuban Cuisine in New York.

’’The people in the Lower East Side have responded really well to the fact that we are always here. The people are welcoming and warm,” said Patricia when I asked if she has enjoyed the move to the Lower East Side.

Patricia has been satisfied with the service she has gotten with the staff at the Lower East Side People’s Federal Credit Union. ’’The people are really welcoming at the Lower East Side People’s Federal Credit Union and very willing to help,’’ said Patricia.

One of the strengths of LESPFCU is its ability to give the one on one attention small businesses need and deserve, which makes the great Cuban dishes at Café Cortadito possible.

Café Cortadito is located on 210 East 3rd Street in Manhattan. For reservations or more information called (212) 614-3080.