In 2020, the $1 million Inclusiv Racial Equity Grant Fund, supported by our funding partners, enabled 59 Minority Depository Institutions (MDIs) to provide $20 million in economic relief to communities of color disproportionately affected by the pandemic. This meant that members of Mt. Zion FCU in Indianapolis accessed affordable small-dollar loans to boost their liquidity during the shutdowns; that Guadalupe Centers FCU in Kansas City waived late fees and offered flexibility on loan repayments to their low-income members; and that over 370 small businesses in San Francisco's Chinatown community applied for $6.6 million in government support with Northeast Community FCU's translation and hands-on technical assistance.
Previously entitled Inclusiv Resilience Fund, the fund name has been updated to Inclusiv Racial Equity Grant Fund to underscore its mission - to advance racial equity and build a more inclusive economy through credit unions led by and serving communities of color.
With awards from the Racial Equity Fund, MDI credit unions can continue to do what they do best, even in times of challenge: meet the needs of the communities they serve, expand their essential products and services, and focus on the financial well-being of their members. This year has shown that MDIs have tremendous impact and are an essential means of financial access in their communities, despite decades of undercapitalization and underinvestment. As communities of color recover from the heavy economic tolls of the pandemic, Inclusiv is committed to deepening our support for MDI credit unions and the people they serve through the Racial Equity Fund, investments, advocacy, and technical assistance. Currently, Inclusiv is working with nearly 200 credit unions and cooperativas to provide information and technical assistance on how to apply and leverage funding sources to scale financial inclusion and empower their communities.