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.
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.