Inclusiv Announces its New Majority Growth Initiative for MDIs and Puerto Rico Cooperativas
FOR IMMEDIATE RELEASE
April 13, 2023, New York, NY – Inclusiv is excited to announce the New Majority Growth Initiative to support current leaders of Minority Depository Institutions (MDIs) in the mainland U.S., U.S. Virgin Islands, as well as financial cooperatives (cooperativas) in Puerto Rico.
Through the New Majority Growth Initiative, Inclusiv will provide community development finance training, capacity building tools, consulting support, and $1.6 million in grants to 100 MDI CDCUs & cooperativas over the next two years. Select credit unions and cooperativas will be enrolled in MDI and Cooperativa Learning Centers consisting of group classes and a collaborative effort to strengthen the growth trajectory of MDIs and cooperativas.
MDIs and cooperativas participating in the New Majority Growth Initiative can receive grants for capacity building through the Inclusiv Racial Equity Grant Fund. This initiative is supported by a lead grant from the Citi Foundation’s Community Finance Innovation Fund, with supporting funders JPMorgan Chase, and NerdWallet.
“The New Majority Growth Initiative will support the growth of these community-based financial institutions, including by helping them access new sources of capital and reach new members so more people can benefit from their work. We are excited to be a recipient of Citi Foundation’s groundbreaking Community Finance Innovation Fund and appreciate the Foundation’s leadership in funding this critical work that will help MDIs and cooperativas and the communities they serve thrive.”
Cathie Mahon, Inclusiv President/CEO
“The New Majority Growth Initiative will help unlock new development opportunities for MDIs in the mainland U.S. and Puerto Rico cooperativas that will enable them to deliver even greater impact in the communities they serve. I’m inspired to witness how, through the Community Finance Innovation Fund, Inclusiv is combining their financial acumen and commitment to social impact to bring their economic opportunity solutions from ideation to execution.”
Brandee McHale, President of the Citi Foundation,
Head of Community Investing and Development at Citi
U.S. Census Bureau data projects that the United States will be “majority-minority,” or majority people of color, by 2043. The structure of our current financial system predominantly benefits white households, businesses, and shareholders, contributing to the widening racial wealth gap.
Accordingly, Inclusiv is experiencing an increase in demand among MDI Community Development Credit Unions (CDCUs) and cooperativa leaders for specialized community development finance services and resources. With the Citi Foundation’s support, Inclusiv is taking its work to the next level to ensure that this growing “New Majority” has access to safe, affordable financial services and wealth building opportunities.
The initial round of MDI and cooperativa grantees for 2023 is available here.
For media inquiries, contact:
Monica Copeland, Director, Inclusiv MDI Network
René A. Vargas Martínez, Director, Inclusiv Puerto Rico Network