Inclusiv Racial Equity Grant Awardees - 2022

The Inclusiv Racial Equity Grant and Investment Funds were established to advance racial equity and build a more inclusive economy through credit unions led by and serving communities of color. Minority Depository Institutions (MDIs) 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) to support these institutions holistically. In 2020, Inclusiv established the Racial Equity Grant and Investment Funds to support credit unions serving communities of color in responding to the COVID pandemic and advancing an equitable recovery. This special funding round serves to provide capacity building resources to support MDI CUs advancing racial equity and financial inclusion in accessing additional capital to advance opportunities for growth and wealth building in communities of color.Cooperative Center FCU Martinez, CACooperative Center FCU was chartered in 1942 and today serves more than 8,000 members working for nearly 150 different employers in the greater East Bay Area. Cooperative Center provides member and community access to financial education and specifically offers credit builder loans to assist and empower individuals and families to recover from the negative effects of being underbanked or targeted by predatory lenders. Cooperative Center’s coverage area has a significant Spanish-speaking population and recently formed a specialized LatinX Outreach Team to connect Spanish-speaking members to introduce safe alternatives to predatory lending, as well as offer financial coaching.Florida A&M University FCU Tallahassee, FLFlorida A&M University (FAMU) FCU began by serving the employees of Florida A&M University, the third largest HBCU in the country. Since opening in 1935, they have grown to expand coverage to students and alumni, as well as to a number of local churches and organizations. One of their flagship services is the SmartSteps Micro Loan Program which partners with local government agencies to offer small, women and/or minority business owners’ access to much needed capital.1199 SEIU Federal Credit Union New York, NY1199 SEIU Federal Credit Union was founded in 1940 to serve the financial needs of 1199 SEIU New York's Health and Human Service Employees Union. While the credit union has grown considerably over the years, they have continued to provide low interest rates on loans and expand products and services designed for economically distressed members. 1199 SEIU maintains language accessibility and provides all loan applications in both English and Spanish. The Inclusiv Racial Equity Planning Grant will expand their capacity to deliver loans to low-income primarily Black and brown members. This grant will enable them to invest in creating new loan products, expand financial counseling, and implement new outreach strategies to support healthcare workers to save, borrow, and be financially healthy.Cooperative Federal FCU (Syracuse Cooperative FCU) Syracuse, NYCooperative Federal’s mission is to foster social equity and economic justice in Syracuse, NY by connecting all people with capital and banking services - especially in communities that have been unjustly excluded from wealth. Their financial services are centered on reaching those underserved by mainstream institutions. More than 60% of their members are identify as Black and People of Color; more than 77% of members live in census tracts designated as low/moderate-income. The Inclusiv Racial Equity Fund will support Cooperative Federal’s strategy to meet community needs and demands by deploying a continuum of affordable, accessible loan products by providing additional capital reserves to support their growth.Heart O' Texas Federal Credit Union Waco and Killeen, TXHeart O' Texas Federal Credit Union (HOTFCU) is dedicated to meeting the members personal financial needs, providing superior financial services and being responsive to the needs of the communities they serve. More than 68% of their portfolio is comprised of loans to members that live in CDFI investment areas and at least 50% of staff at their branches are bilingual to serve new immigrants and the growing Hispanic community. HOTFCU has grown their ITIN lending tenfold from 21 loans to 213 loans in the past four years. With the Inclusiv Racial Equity Funds, HOTFCU will be able to continue to serve low-income community members of color by providing a means to assist them in achieving their financial goals. The additional capital will allow them to sustain their current loan growth and meet member needs and maintain affordable services for their low-income members.Toledo Metro Federal Credit Union Toledo, OHChartered in 1954, Toledo Metro Federal Credit Union was organized to serve the financial needs of the employees of Lucas County and City of Toledo and has since expanded to serve the broader Lucas County community. After having invested the past few years on increasing operational efficiencies, Toledo Metro has started to expand product offerings and ways to support the needs of the broader community, including non-prime auto loans through its DRIVE program and debt management services to assist members with reducing high-interest debt. The Inclusiv Racial Equity Fund will support Toledo Metro’s goals of implementing commercial banking and lending services targeted towards small and minority owned businesses in the Toledo area. Toledo Metro recognizes their location and field of membership, and majority diversity of their Board of Directors are strengths in their strategy and ability to expand opportunities in minority communities throughout Lucas County.