Racial Equity Grant Fund
The Inclusiv Racial Equity Grant Fund was previously launched as the Resilience Grant Fund in June 2020 to help credit unions led by and serving people of color provide financial relief to consumers and small businesses affected by COVID-19. Under the Resilience Grant Fund, fifty-nine credit unions and cooperativas were awarded $1 million in philanthropic grants for coronavirus financial relief, including fee waivers; emergency low-interest loans; technology enhancements; marketing; financial coaching and counseling; and business planning.
In fall of 2021, 34 credit unions and cooperativas were awarded a total of $320,000 from the Inclusiv Racial Equity Grant Fund. The 2021 grantees collectively represent 39,109 members and nearly $232 million in community-controlled assets. The award recipients are based in 10 states throughout the country, and 8 of the awardees are located in the rural south. Twelve of the grantees are cooperativas based in Puerto Rico. Funds from the grant will be a tool that helps credit unions access services and resources to receive CDFI certification, strategic and business planning to meet the changing and evolving needs of the community, and technology and infrastructure investments to support credit unions.
Read Inclusiv's impact updates and how we are raising capital for credit unions on the front lines of financial inclusion.
Racial Equity Investment Fund
In January 2021, as part of a COVID-19 Emergency Relief Package, $12 billion in federal funding was dedicated for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) ensuring resources will be directed to some of the communities hardest hit by the pandemic. Inclusiv has launched a $20 million Racial Equity Investment Fund deploying secondary capital investments to expand economic relief and financial inclusion for credit unions that serve communities of color. This unprecedented level of investment into MDIs and CDFIs represents a huge opportunity in the year ahead.