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Inclusiv announces Resilience Fund Grant Awards to credit unions and cooperativas serving communities of color
Inclusiv is delighted to announce Resilience Fund awards to 59 minority designated credit unions and cooperativas that define what it means to be resilient. For decades, the awardees have provided communities of color with access to vital financial products and services. With little fanfare and limited resources, today these credit unions are mitigating the devastating impact of the coronavirus pandemic in marginalized communities. Find the list of grantees here.
The Resilience Fund was launched in June 2020 to help minority-owned and operated credit unions with assets of under $100 million provide financial relief to consumers and small businesses affected by COVID-19. In total, $655,000 in philanthropic grants ranging in size from $5,000 to $25,000 were approved in the first funding round for coronavirus financial relief, including fee waivers; emergency low-interest loans; technology enhancements; marketing; financial coaching and counseling; and business planning. The Inclusiv Resilience Fund is made possible through support from The Annie E. Casey Foundation, Bank of America, Capital One Financial Corporation, Citi, JPMorgan Chase, and Prudential Financial.
The applicant pool provided insight into the robust response minority credit unions are providing the communities of color they serve. From March through June 2020 the 59 credit union applicants had
- provided over 370,000 instances of payment relief (e.g., fee waivers, loan payment extensions, forebearance, etc.)
- made over 570 Paycheck Protection Program loans totaling over $15 million
- given financial counseling to over 4,000 Individuals
- made nearly 1,000 emergency loans and 250 personal and small business loans
“Today we celebrate credit unions and cooperativas whose commitment to their communities’ financial health and well-being has never wavered. Inclusiv is proud to support your work in building more resilient communities. Now, in the face of converging social and economic crises, the Resilience Fund will provide capital to credit unions and cooperativas who can get financial relief to those who need it most,” said Cathie Mahon, President and CEO of Inclusiv.
The minority credit unions selected to receive grants represent 16 states, Puerto Rico and Washington, DC. Their combined assets are $1.2 billion, and they serve over 208,000 members. Total loans outstanding for the group are over $310 million.
Inclusiv received applications from 67 credit unions requesting a total of $1.3 million in support and continues to seek additional funding to meet the outstanding need for capital in the minority designated credit union market.
People interested in supporting or applying to the Resilience Grant Fund can contact Monica Copeland, Inclusiv Senior Program Officer, at mcopeland@inclusiv.org.