NEW YORK–Inclusiv is reporting it has entered into a partnership with Costco Wholesale, which will invest $3 million in Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) community development credit unions across the country.
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.
According to Inclusiv, Costco’s commitment to the Inclusiv Impact Deposits Fund will support 12 MDI and CDFI credit unions working in a broad range of both urban and rural communities.
“One Detroit Credit Union and Latino Community Credit Union are both high-impact CDFI and MDI credit unions focused on serving people who have historically been excluded from the financial mainstream,” Inclusiv said.
Additional Credit Unions
Additional credit unions participating in the initiative include:
- River City FCU, San Antonio
- Kaua’i FCU, Lihue, Hawaii
- Saint Louis Community CU
- USC CU. Los Angeles
- Jetstream FCU, Miami Lakes, Fla.
- Lower East Side People’s FCU, New York
- Hope FCU, Jackson, Miss.
- Brooklyn Coop FCU, Brooklyn, N.Y.)
- MECU Municipal Employees Credit Union of Baltimore
- OnPath FCU, Harahan, Louis.
‘Proud to Partner’
“We are proud to partner with Inclusiv to help foster a more inclusive economy in many of the communities where we operate in the U.S.,” Gary Millerchip, EVP/CFO of Costco Wholesale, said in a statement.
Added Cathie Mahon, president/CEO of Inclusiv, “This commitment from Costco demonstrates how corporations can effectively support MDI and CDFI credit unions in serving their local communities to strengthen financial well-being and create economic opportunities. Costco’s deposit will benefit more than 350,000 homeowners, small business owners and households across the country by helping twelve high-impact credit unions grow their affordable financial services and responsible lending. By working with mission-driven partners like Costco, the Inclusiv Impact Deposits Fund is reducing inequalities and building resiliency in historically underinvested communities.”
Inclusiv partners with institutional investors, foundations, socially response trusts, banks, corporates and asset allocators to invest in building opportunities in under-invested areas to support thriving communities.
‘Direct Opportunities’
Inclusiv said its work with corporate partners such as Costco and NerdWallet’s Financial Equity Pledge “connects investors with impact deposit opportunities with community development credit unions in their local communities and focus areas.”