Inclusiv Launches Resilience Fund


 Inclusiv Launches Resilience Fund for
Credit Unions Serving Communities of Color

For Immediate Release

 

June 18, 2020 (New York, NY) – Today, Inclusiv launched the Inclusiv Resilience Fund to support credit unions serving communities of color that have been disproportionately affected by the coronavirus pandemic and marginalized because of race, ethnicity or immigration status. The fund is open to credit unions that are led by and serving people of color that are under $100 million in assets. The Inclusiv Resilience Fund is made possible through support from The Annie E. Casey Foundation, Capital One Financial Corporation, Citi, JPMorgan Chase, and Prudential Financial.

Inclusiv is a national network of credit unions with a mission of helping low- and moderate-income people and communities. Beginning today, Inclusiv will accept applications for the first round of grant support to credit unions providing financial relief to consumers and small businesses such as low-cost small dollar loans, loan payment forebearance, fee waivers, new account opening for unbanked individuals, and support for Paycheck Protection Program (PPP) lending and borrowers.

"The Resilience Fund is a key part of Inclusiv's commitment to investing in communities of color. Now more than ever, its critical that we renew and expand our efforts to advance economic justice in these communities," said Cathie Mahon, President and CEO of Inclusiv. "Our members have an unparalleled understanding of consumers and businesses left out of the financial mainstream, whose contributions to their local communities and economies are often not recognized. Inclusiv's Resilience Fund is designed to expand the scope and impact of community development credit unions that are providing relief where it's needed most."

In the first wave of funding Inclusiv will distribute over $625,000 in grant support. Grants up to $20,000 will be available for expenses related to COVID response and expanding financial inclusion in communities of color, including equipment and technology to enhance digital services, expenses incurred to offer loan extensions, emergency loan product deployment, and operational expenses.

The Inclusiv Resilience Fund is an opportunity for minority designated credit unions to receive funding to expand the scope and reach of their financial programs and services for the benefit of the people and communities they serve.

Please note that the first round application of the Inclusiv Resilience Fund closed on July 17th. We are not accepting new applications at this time. Please contact Monica Copeland, Inclusiv Senior Program Officer, at mcopeland@inclusiv.org with questions related to the Inclusiv Resilience Fund.

 

Media Contact

Clarissa Ritter
VP, Marketing and Communications
critter@inclusiv.org

 

About Inclusiv

At Inclusiv, we believe that financial inclusion is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve nearly ten million residents of low-income urban, rural and reservation-based communities across the US and hold over $100 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at Inclusiv.org and connect with us on FacebookLinkedIn and Twitter.

 

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