Costco Wholesale Corporation Invests in Communities and Economic Opportunities through Inclusiv Impact Deposits Fund
For Immediate Release
June 27, 2024 (New York, NY) Inclusiv, a CDFI Intermediary and the national network of community development credit unions, today announced its partnership with Costco Wholesale in investing $3 million in Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) community development credit unions across the country. Costco Wholesale is the latest partner to join the Inclusiv Impact Deposits Fund, which invests social impact deposits in community development credit unions to expand economic opportunities and resiliency in historically redlined and disadvantaged communities.
“We are proud to partner with Inclusiv to help foster a more inclusive economy in many of the communities where we operate in the U.S.,” said Gary Millerchip, Executive Vice President and Chief Financial Officer of Costco Wholesale.
“This commitment from Costco demonstrates how corporations can effectively support MDI and CDFI credit unions in serving their local communities to strengthen financial well-being and create economic opportunities. Costco’s deposit will benefit more than 350,000 homeowners, small business owners and households across the country by helping twelve high-impact credit unions grow their affordable financial services and responsible lending. By working with mission-driven partners like Costco, the Inclusiv Impact Deposits Fund is reducing inequalities and building resiliency in historically underinvested communities,” said Cathie Mahon, President/CEO, Inclusiv.
Costco’s commitment to the Inclusiv Impact Deposits Fund will support twelve MDI and CDFI credit unions working in a broad range of both urban and rural communities. One Detroit Credit Union and Latino Community Credit Union are both high-impact CDFI and MDI credit unions focused on serving people who have historically been excluded from the financial mainstream. Additional credit unions participating in this initiative include River City FCU (San Antonio, TX), Kaua’i FCU (Lihue, HI), Saint Louis Community CU (Saint Louis, MO), USC CU (Los Angeles, CA), Jetstream FCU (Miami Lakes, FL), Lower East Side People’s FCU (New York, NY), Hope FCU (Jackson, MS), Brooklyn Coop FCU (Brooklyn, NY), MECU Municipal Employees Credit Union of Baltimore (Baltimore, MD) and OnPath FCU (Harahan, LA).
“Partnerships like the one we have with Inclusiv and partners like Costco enable us to continue to impact and change lives- and provide safe and affordable loans to our community and strengthen pathways to financial empowerment,” Hank Hubbard, President & CEO, One Detroit CU.
“LCCU is uniquely set up to make quality, wealth-building loans to the families that need them the most. This deposit from Costco through the Inclusiv Impact Deposits Fund not only helps fund these life-changing loans to our members but also sets an important example for how the private sector can work with credit unions to advance their social missions,” Alison Beck Yonas, Chief Development and Impact Officer, Latino Community Credit Union.
Inclusiv partners with institutional investors, foundations, socially response trusts, banks, corporates and asset allocators to invest in building opportunities in under-invested areas to support thriving communities. Inclusiv’s work with corporate partners such as Costco and NerdWallet’s Financial Equity Pledge connects investors with impact deposit opportunities with community development credit unions in their local communities and focus areas.
As a CDFI and national intermediary for credit unions, Inclusiv has developed national deposit placements, impact funds and other resources for community development initiatives across its national network of mission driven community development credit unions, including MDIs, CDFIs and cooperativas.