The Seeds of Economic

Recovery Are Already

Sprouting Roots In The Bronx

Below is excerpted from The Seeds of Economic Recovery Are Already Sprouting Roots In The Bronx highlighting NCD CU's Small Business Lending Capacity.

By Oscar Perry Abello for

It’s not common for bank CEOs to walk around a neighborhood in the South Bronx, knocking on doors of local businesses to say hello and start getting to know them and their owners or employees. But what if it was?

That’s what Rachel Macarthy is looking forward to doing later this spring and over the summer. Born and raised in the South Bronx, with a business degree in finance from Howard University, she’s the CEO of New Covenant Dominion Credit Union. At 1185 Boston Road, the Black and Hispanic-serving credit union sits at a busy crossroads in the heart of the borough.

As a credit union, it’s not just any bank, but a financial cooperative owned and governed by its members.

With just $2.5 million in assets, New Covenant Dominion Credit Union is tiny, even by credit union standards. But it’s already punching far above its weight in one very important, very timely way: New Covenant Dominion Credit Union has recently become an active small business lender, unusual for a credit union of its size.

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