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Welcome to NYCfNAC's Website!

The New York City Financial Network Action Consortium (NYCfNAC) was established to address the drastic loss of banking services in New York City's low-income communities. We assert the right of every low-income person to be able to save, borrow, invest, accumulate assets and be knowledgeable consumers of financial services as a means to economic opportunity and community development. Accordingly, NYCfNAC promotes their ability to gain access to affordable, convenient and comprehensive financial services and credit by building a network of the city's leading community development credit unions.

 

NYCfNAC NEWS

 

NYCfNAC Has Moved!

We are now located at 209 E. 3rd St. in Manhattan.

Our new number is (212) 254-6060.

Tax Season 2011

Another Record Year for VITA!

In its most successful tax season to date, NYCfNAC's Volunteer Income Tax Assistance (VITA) Program provided free tax preparation, food stamp screening and enrollment, and assets building initiatives to low-income New Yorkers in East Harlem, the Lower East Side and Chinatown in Manhattan, and in the Brooklyn neighborhoods of Bedford Stuyvesant and Bushwick – some of New York City’s most underserved areas. As part of this program, NYCfNAC actively promotes the Earned Income Tax Credit (EITC)--one of the federal government’s most powerful poverty alleviation tools--to low-income residents in the communities served by our credit unions.


 

Since its launch in 2003, NYCfNAC’s VITA Program has:
Prepared over 47,000 tax returns worth $67.1 million in refunds;
Assisted over 14,500 low income taxpayers to receive more than $29.2 million in refunds from the EITC; and
Helped more than 3600 underbanked individuals and families to open credit union savings accounts.

The program's highlights in 2011 were:
Completing 10,714 returns worth $16,050,058 in total refunds;
Assisting 3,297 filers to receive $6.92 million in EITC:
Screening of 97% of filers for food stamps and health insurance; and
Opening 387 credit union accounts for financially underserved taxpayers.
 

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We couldn’t have done it without our many community partners and hundreds of dedicated volunteers! A particular thanks goes to Brooklyn Cooperative, Lower East Side People's and Union Settlement Federal Credit Unions, which participated with NYCfNAC in preparing returns and opening accounts. And thanks also to Single Stop USA, New York Community Trust, Brooklyn Community Foundation, the Internal Revenue Service, the National Credit Union Administration, the U.S. Department of Health and Human Services, Capital One Foundation, the New York City Office of Financial Empowerment, the National Disability Institute and Republic Bank for their generous support!

We look forward to providing this important service again in the 2012 Tax Season!

Read more

Hayden-Harnett's $100,000 expansion financed through NYCfNAC loan program

Hayden-Harnett, a Brooklyn-based company that designs and sells handbags and accessories, needed financing to finance its expansion. With an impressive growth rate in sales, the company approached NYCfNAC about a loan. As a start-up, obtaining a loan from banks was out of the question. But the company provided a strong business plan, demonstrated management capacity, and good collateral…

Read more

 

Affordable Loans for Immigrants

Through its Affordable Loans for Immigrants Campaign NYCfNAC seeks to highlight the role of credit unions in giving immigrants an opportunity to build credit and educate themselves while achieving their financial goals. NYCfNAC's community development credit unions offer mainstream financial services to a population that is generally subject to predatory practices and high-cost credit. Credit union services are especially designed to help the immigrant population to build credit and become savvy consumers of financial products.

To learn more about how to participate or to order the Campaign Outreach Materials, contact Vianey Corzo at 212-254-6060 ext. 109 or vcorzo [at] nycfnac.org

The Affordable Loans for Immigrants Campaign is part of NYCfNAC's Initiative for Outreach to the Unbanked or IOU Program.

 

 

Need $$$ to Jumpstart and Grow your Business?


NYCfNAC offers business loans ranging from $5,000 to $350,000. Loan proceeds may be used for short-term or long-term working capital requirements, equipment and other fixed asset acquisition or construction and renovation of business facilities. If your business is located in Manhattan, Brooklyn or the Bronx and needs additional funds, we may be able to help you. For more information, check out the Business Loan page or contact Peter Bray at (212) 254-6060 ext. 100 or email at pbray@nycfnac.org.

 

Check under Job Opportunities to find out more about the        positions currently open at NYCfNAC.


 

 

Interested in Volunteering?

Job Opportunities

 

Need $$$ to Jumpstart and Grow your Business?

 

If your business is located in Manhattan, Brooklyn or the Bronx and needs additional funds, we may be able to help you. For more information, check out the Business Loan page

 

 

Success Stories of our Affordable
Loans
Campaign!

Read the stories of city newcomers and how they benefitted from credit union loans to pay for unexpected expenses, start their business and build their credit.

 

 

 

 



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