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Welcome to Miami
Jeanne Kucey, president & CEO of JetStream FCU
Jeanne Kucey, president & CEO of the $197 million JetStream Federal Credit Union of Miami Lakes, Fla., said her institution has received two CDFI grants in recent years – one for $1.2 million in 2014 and one for about $777,000 this year.

“We used the grant from 2014 primarily to offset loan losses, so that we could continue to provide loan services to our membership without incurring too much risk,” she said. “We also used such funds to expand small business loans for new, minority, and low-income business owners.”

The most recent grant, she noted, will be used to assist Puerto Ricans who are relocating from the island to the United States.

“We used the grant from 2014 primarily to offset loan losses, so that we could continue to provide loan services to our membership without incurring too much risk,” she said. “We also used such funds to expand small business loans for new, minority, and low-income business owners.”

Kucey explained that since the economic crisis hammered Puerto Rico a few years ago, there has been a massive migration of people to the United States mainland, primarily to Florida. “On average, about 1,000 families have been moving from Puerto Rico to Florida each month.”

Kucey estimates that about one-fourth of JetStream’s membership – or about 5500 people – currently live in Puerto Rico, where the credit union has one branch. “The latest grant from CDFI will be used to help these people with their moving and housing expenses,” she said.

Overall, about 75 percent of JetStream’s members are low- to moderate-income individuals – and many of them need used auto loans.

“I am originally from Southern California and South Florida is similar in that an automobile is an absolute necessity here, since public transit is not that extensive,” she said.
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