The David and Lucile Packard Foundation Invests $5 Million in Inclusiv Impact Deposits Fund
This investment will help support 20 MDI and CDFI credit unions in urban and rural communities in Louisiana, Mississippi, and California
For Immediate Release
New York, NY (January 16, 2025) - Inclusiv announced a new partnership with The David and Lucile Packard Foundation, which includes an investment of $5 million in Minority Depository Institutions (MDI), Community Development Financial Institutions (CDFI) and community development credit unions. The Packard Foundation is a partner in 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.
The David and Lucile Packard Foundation supports leaders and organizations around the world working to invest in children and families, promote a healthy ocean and climate, and create just and inclusive societies.
“Inclusiv is deeply committed to developing catalytic investments to strengthen opportunities that foster healthier and more resilient communities,”- said Cathi Kim, SVP of Inclusiv/Capital. “This commitment from The Packard Foundation demonstrates how philanthropic and institutional investors can directly invest in the flourishing and resiliency of underinvested communities. Inclusiv is delighted to partner with The Packard Foundation to advance our shared mission to develop effective and inclusive solutions to foster long-term systems change through investing in community development credit unions.”
“Our Mission Investing team is dedicated to addressing systemic barriers that prevent communities across the country from accessing critical financial resources essential for building wealth and achieving economic stability. Our partnership with Inclusiv will enable us to invest in community development credit unions which play a critical role closing the credit gap for communities that have long been underserved.” – Susan Phinney Silver, Mission Investing Director at The David and Lucile Packard Foundation
The Packard Foundation’s commitment to the Inclusiv Impact Deposits Fund will support 20 MDI and CDFI credit unions working in a broad range of both urban and rural communities in Louisiana, Mississippi and California that have historically been excluded from the financial mainstream.
"The Packard Foundation’s investment is a transformative step toward bridging financial gaps and empowering communities that have long been underserved. This partnership not only strengthens our ability to provide critical resources but also reinforces the value of credit unions as drivers of economic equity and resilience. Together, we are investing in the future of communities that need it most." — Richard Williams, President/CEO of Essential Credit Union.
“As a community development financial institution, Engage FCU is always looking for ways to further support our neighbors. This social impact deposit from the Packard Foundation will give us additional loan capital to help our members and their families thrive. The deposit will support micro-enterprise loans for entrepreneurs, payday alternative loans to help families avoid predatory lenders, and other forms of credit to empower our community to succeed.” — Kathy Deloney, CEO of Engage Federal Credit Union.
“The Packard Foundation investment through lnclusiv has enabled Northeast to provide lifeline financial and development services for our most vulnerable and disadvantaged members particularly within the Tenderloin and Chinatown communities of San Francisco. In tandem with in-language and culturally nuanced financial literacy and counseling and access to affordable small dollar loans to meet their unmet credit needs, social impact deposits and partnerships like these are vital to our continuing efforts to reduce financial dependencies and to empower our members to take control of their financial and economic well being.” - Michael Chan, Board Member at Northeast Community FCU.
Inclusiv partners with institutional investors, foundations, socially responsible trusts, banks, corporates and asset allocators to invest in building opportunities in under-invested areas to support thriving communities. Inclusiv’s Impact Deposits Fund connects philanthropic leaders such as The David and Lucile Packard Foundation and The Kataly Foundation and investors with impact deposit opportunities with community development credit unions in their local communities and impact 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.
About Inclusiv
Founded in 1974, Inclusiv empowers its member credit unions to advance financial inclusion through advocacy, education, technology, and impact investment. Inclusiv is a certified CDFI intermediary instrumental in driving private and public investment in credit unions to build wealth for individuals, households, businesses, and communities formerly excluded from the financial mainstream.
Contact
Cathi Kim, Senior Vice President, Inclusiv/Capital 212.809.1850 x271 or ckim@inclusiv.org