Inclusiv and NerdWallet Join Forces to Advance Financial Equity
For Immediate Release
New York, NY (March 9, 2021) - Today, Inclusiv is pleased to announce its partnership with NerdWallet, the online financial guidance resource for personal finance decisions, based in San Francisco, CA, on several initiatives to advance financial access in underserved communities. This multi-dimension partnership includes grant support to establish the Bay Area Economic Impact Fund to deliver economic relief for low-income consumers and COVID-19 response services for small businesses; a $2 million dollar deposit in Self-Help FCU and a call for other tech companies to join NerdWallet in taking similar action through Inclusiv’s Social Impacts Deposit Platform; and NerdWallet employee support to harness NerdWallet’s expertise in technology and media in support of Inclusiv member credit unions. Inclusiv members Self-Help, Cooperative Center FCU, and Northeast Community FCU are the Bay Area Economic Impact Fund awardees, all minority designated credit unions led by and/or serving communities of color.
Launched in 2009 by co-founder and CEO, Tim Chen, NerdWallet’s mission is to provide clarity for all of life’s financial decisions. The website and app offer industry-leading financial content, tools, and independent reviews to help consumers make better financial decisions. “We’re very excited about this partnership because the work being done by Inclusiv and by credit unions serving low-income communities is so critical to advancing equal economic opportunities,” said Tim Chen. “Depositing money in these credit unions is a win-win-win — it creates value for your company, for underrepresented communities, and for your employees. Moving $2 million that was sitting in one bank into a CD at a credit union serving low-income working families was an easy decision for us. The CD offers competitive rates, asset preservation, and quick ratio maintenance – but, best of all, our dollars are going directly into the community. We’re calling on companies across the country to join us in making this smart, socially conscious money move and deposit $1 million of their banked dollars into credit unions serving low-income communities. True impact requires collective power, and this simple step moves us forward in providing access to equitable financial products and services.”
“We applaud NerdWallet’s vision and leadership in investing in credit unions and the low-income communities Inclusiv’s network of credits unions serves,” said Cathie Mahon, Inclusiv President and CEO. “Calling on other companies to follow NerdWallet’s lead can bring about transformational partnerships across the country. Inclusiv brings its four decades of experience in community development and impact investing to curate a list of CRA-eligible and impact-oriented community development credit unions, connecting investors directly with causes and communities they care about.”
For nearly four decades, Inclusiv has worked with banks, foundations, socially responsible trusts, religious institutions, healthcare corporations, and others, to scale and effectively integrate social impact into their portfolios. Today, Inclusiv has partnered with Primary Financial Co. LLC to launch Inclusiv’s new Social Impact Deposits Platform, enabling institutional investors to seamlessly purchase and create a portfolio of federally insured certificates of deposits aligned across different impact initiatives. The Inclusiv platform offers options in custodial and DTC eligible CDs with no safekeeping fees in terms ranging from 3 months to 5 years or longer. Investors select their own CDs based on terms and impact parameters and purchase directly on the platform.
Click here for a conversation with Cathie Mahon and Tim Chen on how we can advance financial access in underrepresented communities.
Click here to learn how you can join the movement to advance financial equity.
Contact us to learn more about Inclusiv’s Social Impact Deposit Platform at firstname.lastname@example.org.
For media inquiries, contact Clarissa Ritter, VP of Marketing and Communications, email@example.com
NerdWallet is on a mission to provide clarity for all of life's financial decisions. As a personal finance website and app, NerdWallet provides consumers with personalized, unbiased and actionable insights so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven membership experience, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. For more information, visit NerdWallet.com.
"NerdWallet" is a trademark of NerdWallet Inc. All rights reserved. Other names and trademarks used herein may be trademarks of their respective owners.
At Inclusiv, we believe that true financial inclusion and empowerment 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 over 12.4 million residents of low-income urban, rural and reservation-based communities across the US and hold over $159 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 Facebook, LinkedIn and Twitter.
Inclusiv was instrumental in establishing the CDFI Fund in 1994, is a permanent member of the national CDFI Coalition and is the CDFI and community finance authority for the credit union industry. Our member CDCUs represent over 10 million members in low-income communities across the US, representing the majority of all CDFI-certified credit unions. Today, CDFI certification is an essential credential for credit unions with a focus on financial inclusion. Inclusiv is the credit union industry's best resource for learning more about certification and technical and financial assistance grants. For more information on our advocacy on behalf of CDFI credit unions, click here.