Racial Equity Grant Fund
Launched in 2020 as the Inclusiv Resilience Grant Fund, the Inclusiv Racial Equity Grant Fund helps credit unions - specifically those led by and serving people of color - provide financial relief to consumers and small businesses affected by the Covid-19 pandemic. In the past three years, Inclusiv has awarded grants totaling $2.1 million to Minority Depository Institutions (MDIs) and financial cooperatives in Puerto Rico known as cooperativas.
Credit unions have used these flexible grants to cover the cost of obtaining Community Development Financial Institution (CDFI) certification as well as investing in technology enhancements, developing marketing plans and materials, establishing financial coaching and counseling programs, and hiring consultants for strategic business planning. Additionally, Inclusiv staff members provide grantees with ongoing technical assistance and capacity-building support to help strengthen the credit unions’ operations.
In the most recent Racial Equity Grant funding round in Spring 2023, 53 MDIs and cooperativas were awarded $530,000. Click here for a list of Racial Equity Fund grantees.
Funding for the Racial Equity Grant Fund has been made possible by: Annie E. Casey Foundation, Bank of America, Capital One Financial Corporation, Citi, Inclusiv, JPMorgan Chase, NerdWallet, PNC Bank, and Prudential Financial. Inclusiv will continue to raise resources from philanthropic organizations to support the Racial Equity Grant Fund on an ongoing basis.