Preserving Minority Credit Unions
Inclusiv has for decades now, worked to bridge the growing racial and gender wealth gap that reveals deep inequities that remain in our economy and society. As financial cooperatives, credit unions are the ideal mechanism to address this divide by strengthening communities and helping their members access asset building tools through affordable, sustainable and responsible financial products, services and education. Credit unions that are founded, owned, and managed by communities of color and other underserved and marginalized communities are an essential part of our industry and a critical part of the solution.
Inclusiv Resilience Grant Fund
The Inclusiv Resilience Grant Fund was established in June 2020 to deploy grant capital into Minority Depository Institutions (MDI) credit unions as they continue to respond to their communities’ financial needs during the pandemic. Through the Resilience Grant Fund, Inclusiv will distribute $1 million in grant support for MDI credit unions under $100 million in assets. The Fund will support financial inclusion efforts in communities of color, and particularly COVID relief for consumers and small businesses including low-cost small dollar loans, loan payment forbearance for individuals and businesses, fee waivers for access to cash and savings through ATMs and CDs, new account opening for unbanked individuals, and support for PPP lending and borrowers. Eligible uses include operations, technology, and outreach costs associated with expanding these economic resilience efforts in communities of color across the US.