Bethex Federal Credit Union (Bethex)

$25,000 Awardee – Community Impact

Bethex Federal Credit Union (Bethex), based in the Bronx, was awarded the Community Impact prize for achieving a high volume and quality of community outputs to a severely distressed market where the poverty rate is 40.8% and more than half of the children live in poverty. Bethex provides an impressive array of high-impact and high-volume programs and consumer services including low- or no-fee check-cashing services, volunteer income tax assistance, consumer loans, business loans, and real estate. Bethex holds a $2.6 million portfolio of more than 1,000 consumer loans, a $1.9 million portfolio of 46 small business loans, and a $2.3 million portfolio of real estate loans including 10 cooperative apartment building loans to non-profit corporations that promote homeownership among low-income people and prevent purchases by outside investors and speculators.