Inclusiv Racial Equity Investment Fund
About the Fund
In January 2021, as part of a COVID-19 Emergency Relief Package, $12 billion in federal funding was dedicated for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) directing resources to the communities hardest hit by the pandemic. Inclusiv magnified the impact of this federal investment by launching the Racial Equity Investment Fund that deployed secondary capital investments to ensure MDI credit unions could provide economic relief and advance financial inclusion in their communities.
Racial Equity Investment Fund Investors
The $20 million Racial Equity Investment Fund would not have been possible without investments from Comcast, Mercy Investments and JPMorgan Chase.
Racial Equity Investment Fund Impact
The Fund invested in high-impact MDI credit unions like River City FCU in San Antonio and OnPath FCU in New Orleans, helping the credit unions open new branches and provide services tailored to their communities' needs.
Multiplying Impact
Inclusiv studies have shown that CDCUs that receive secondary capital investments can leverage the capital up to 60 times over 5 years – resulting in more loan deployment, more financial products and services offered, and more specialized lending.