Inclusiv's Racial Equity Grant Fund
Inclusiv’s Racial Equity Grant Fund (previously known as the Inclusiv Resilience Fund) was established to advance racial equity and build a more inclusive economy through credit unions led by and serving communities of color.
Inclusiv is a national network of over 450 credit unions serving over 17 million members with a mission of helping low- and moderate-income people and communities achieve financial independence through credit unions. At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified Community Development Financial Institution (CDFI) intermediary that transforms local progress into lasting national change.
Minority Depository Institutions (MDIs) and cooperativas are at the forefront of the struggle for racial equity in access to affordable financial services and credit. These credit unions are led by and serving Black American, Hispanic American, Asian American, and Native American communities. Inclusiv works closely with partners like the African-American Credit Union Coalition (AACUC), National Association of Latino Credit Unions & Professionals (NLCUP) and Asociación de Ejecutivos de Cooperativas de Puerto Rico (ASEC) to support these institutions holistically. In 2020, the Racial Equity Grant Fund was established by Inclusiv to support MDIs and cooperativas under $100 million in assets as they continue to respond to their communities’ needs resulting from the pandemic and economic crises. Inclusiv has distributed over $1.3 million in grants to 93 MDIs and cooperativas to date.
In January 2021, as part of a COVID-19 Emergency Relief Package, $12 billion in federal funding was dedicated for CDFIs and MDIs ensuring resources will be directed to some of the communities hardest hit by the pandemic. Further, Inclusiv 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.
Inclusiv is working to ensure MDIs and cooperativas can take advantage of these expanded sources of funding and investment. As a result, Inclusiv is continuing to dedicate the 2022 Racial Equity Grant Fund round to support approximately 10-15 credit unions planning to pursue CDFI grants to grow their institutions and services to their communities as well as credit unions interested in developing or expanding mortgage programs. Funding for Inclusiv’s 2022 Racial Equity Grant Fund cycle has been made possible by NerdWallet.
Previous funding for the Racial Equity Grant Fund was made possible by: Annie E. Casey Foundation, Bank of America, Capital One Financial Corporation, Citi, Inclusiv, JPMorgan Chase, PNC Bank, and Prudential Financial. Inclusiv will continue to raise resources from philanthropic organizations to support the Racial Equity Grant Fund.