NEW YORK–Two members of Congress had supportive words for the work done by Inclusiv and its member credit unions.
Rep. Maxine Waters (D-CA) and Sen. Mark R. Warner (D-VA) both offered remarks to Inclusiv’s virtual annual conference this week. As Inclusiv noted, Waters and Warner have led efforts to secure a record $12 billion in funding to support community development financial institutions (CDFIs) and minority depository institutions (MDIs), which was included in the December 2020 COVID-19 relief bill.
Inclusiv President and CEO Cathie Mahon serves on the CDFI advisory group that Congresswoman Waters and Senator Warner formed earlier this year.
“Inclusiv’s diverse network of mission-driven institutions has been instrumental in ensuring that critical aid reaches consumers and small businesses, especially those in vulnerable communities and those in dire need during the pandemic,” said Waters. “The work of community development credit unions did not go unnoticed.”
During her remarks Waters discussed the “crucial role” of CDFIs and MDIs in the survival and revitalization of their communities, including consumers and small business owners, during the pandemic and in the recovery.
A ‘Vital Role’
Warner, who participated in a session called “Advocating for Low-Income Communities,” told the meeting, “Throughout the COVID-19 pandemic, members of Congress on both sides of the aisle have recognized the vital role CDFIs and MDIs play in supporting underserved communities’ access to capital. Inclusiv plays an indispensable role in this mission and was a critical partner as we secured a historic $12 billion investment in CDFIs and MDIs passed into law in December.”
Inclusiv said CDCUs have “double-downed on their mission” during the pandemic of supporting members, unions, small businesses, and local communities.
The COVID-19 relief funding helped CDCUs extend their reach and increase resources for the communities they serve, many of which were hard hit by the economic blow of the pandemic, said Inclusiv in a statement.
Emergency Loans & More
Added Mahon, “These dollars deepened the ability of CDCUs to continue to provide financial support to the community, such as deferring payments or making emergency loans, and equalize access to capital for minority-owned businesses, such as applying for the Paycheck Protection Program. We thank Congresswoman Waters, Senator Warner, and others who advocate and enact policies that support the work of CDCUs to improve the financial well-being of all who live in this country.”