We've Reached 400 Members!
Inclusiv experienced unprecedented growth in 2021
New York, NY, August 25 - Inclusiv is proud to announce that our membership has reached 400 members, in a year with our largest growth in membership yet.
"This milestone is a clear marker of credit unions answering the call to address, promote, and deliver on greater financial inclusion and racial equity for the communities they serve. Our 400 members represent the crucial and necessary role of CDFI credit unions in deploying capital to communities traditionally underserved or left behind by mainstream financial institutions," said Cathie Mahon, Inclusiv's President/CEO.
Through the CDFI Fund’s Rapid Response Program, Inclusiv helped facilitate 244 credit unions to receive $402 million in grants, which provide vital funding to underserved communities. A vast majority of these 244 credit unions are Inclusiv members, who attended Inclusiv's educational webinars, including instructional CDFI application videos in partnership with CUNA Mutual Group, and received hands-on technical assistance clarifying information and directing these financial institutions to additional resources. The success of Inclusiv's work has accelerated growth in membership: motivated by the support to better serve their communities, more and more credit unions want to be a part of this diverse movement that empowers their members.
"Over the past eighteen months, Inclusiv's member credit unions and the communities they serve have faced enormous challenges. Our network has responded by deepening our commitment to inclusive finance and offering a helping hand to those who need it most. As attention turns to the work of financial equity and the impact of community development credit unions, our movement continues to grow stronger and more diverse. As we grow, Inclusiv continues our relationships with members and partners to deliver innovative solutions for our communities," said Jules Epstein-Hebert, Inclusiv's Director of Membership.
Inclusiv's largest increase in membership is in Puerto Rico through its vast network of financial cooperatives. Currently, a majority - 80 out of 120 cooperativas and federal credit unions - are Inclusiv members, as a result of our CDFI initiative on the island. Fifty of these members saw the benefits of Inclusiv membership and CDFI certification for their peers and joined Inclusiv in the last year, bringing much needed capital and resources to their communities. In addition, to better reflect and serve our evolving membership, Inclusiv added a fifth region to our Board of Directors representation, specifically for Puerto Rico and the Caribbean.
"CDFI certification has had such an impact on on Puerto Rico's economic recovery, both from the pandemic and a series of natural disasters. Since 2020, Inclusiv has worked tirelessly to help 23 cooperatives become CDFI certified, bringing in millions of new funding for community development initiatives and programs. We expect to have about 60 members receive CDFI certification in Puerto Rico by the end of this year," said Pablo DeFilippi, Inclusiv's Senior Vice President of Membership and Network Engagement.
As the nation moves into its post-COVID recovery, Inclusiv looks forward to continuing to advance the financial inclusion movement, fighting for economic justice and opportunity for low-income communities and communities of color. Through our fast growing membership, we keep advocating, providing resources, and developing innovative services that bring us to a more just economy. Inclusiv's expanding membership is confirmation that CDCUs are the best avenue to infuse capital into underserved communities - not only in times of crisis, but at all times.
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For membership inquiries, contact Jules Epstein-Hebert, Director of Membership, jhebert@inclusiv.org.
For media inquiries, contact Audrey Wang, Senior Communications Officer, awang@inclusiv.org.