Inclusiv invests $2.5 million in social impact deposits in minority depository institutions and community development credit unions to advance equitable recovery initiative
NEW YORK, NY (January 16, 2024) — Inclusiv, the national CDFI intermediary and network of more than 500 community development credit unions (CDCUs) and cooperativas,invested $2.5 million in social impact deposits to 10 Minority Depository Institution (MDI) credit unions to advance equitable recovery initiatives in underinvested communities severely impacted by the COVID-19 pandemic.
This pool of investments in CDFI and MDI credit unions brings Inclusiv’s social impact deposit deployments to more than $220 million. Inclusiv, as an awardee of the U.S. Department of Treasury’s CDFI Fund’s Equitable Recovery Program, is investing these funds to support capacity building and impact lending in economically distressed communities severely impacted by the COVID-19 pandemic.
Stretching from Brooklyn to the Midwest and across to Native Hawaiian homelands on the Big Island, these CDCUs serve more than 265,000 members and distribute more than $1.3 billion in community-based loans providing opportunities for thriving and economic opportunity in low-income earning Black, Native Hawaiian, Asian American, Hispanic and immigrant communities. CDCUs advance their shared mission and values of financial inclusion and resiliency by providing safe and affordable lending and development services centered on community needs. Impact initiatives include providing safe and trusted accounts to start savings, capital to micro-enterprises and small businesses to spur innovation and entrepreneurship, green lending and climate resiliency, and affordable to homeownership and wealth building opportunities in historically redlined communities.
This most recent cohort of Social Impact Deposit investees include the following 10 MDI CDCUs who have been leading inclusive recovery efforts and initiatives in regions throughout the country:
Brooklyn Cooperative FCU
Greater Cleveland Community CU
Hawaii First FCU
Holy Rosary CU
Latino Community CU
Lower East Side Peoples FCU
One Detroit CU
River City FCU
As a CDFI, Inclusiv provides capital and capacity building tools and training to support the leadership of community-led and owned financial services to building more inclusive opportunities. Through its national learning resource centers and initiatives such as the New Majority Growth Initiative and MDI and Cooperativa Learning Center, CDFI Learning Center and Inclusiv Center for Resiliency and Clean Energy, Inclusiv has trained more than 500 community lenders to start and grow lending and finance to advance resiliency and inclusion in underinvested communities.
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.