NEW YORK–Inclusiv has announced a “New Majority Growth Initiative” it said is designed to support current leaders of Minority Depository Institutions (MDIs) in the mainland U.S., U.S. Virgin Islands, as well as financial cooperatives (cooperativas) in Puerto Rico.
The initial round of MDI and cooperativa grantees for 2023 is available here.
“Through the New Majority Growth Initiative, Inclusiv will provide community development finance training, capacity building tools, consulting support, and $1.6 million in grants to 100 MDI CDCUs and cooperativas over the next two years,” Inclusiv stated. “Select credit unions and cooperativas will be enrolled in MDI and Cooperativa Learning Centers consisting of group classes and a collaborative effort to strengthen the growth trajectory of MDIs and cooperativas.”
Grants for Capacity Building
According to Inclusiv, MDIs and cooperativas participating in the New Majority Growth Initiative can receive grants for capacity building through the Inclusiv Racial Equity Grant Fund. The organization noted the initiative is supported by a lead grant from the Citi Foundation’s Community Finance Innovation Fund, with supporting funders JPMorgan Chase, and NerdWallet.
“The New Majority Growth Initiative will support the growth of these community-based financial institutions, including by helping them access new sources of capital and reach new members so more people can benefit from their work,” said President/CEO Cathie Mahon. “We are excited to be a recipient of Citi Foundation’s groundbreaking Community Finance Innovation Fund and appreciate the Foundation’s leadership in funding this critical work that will help MDIs and cooperativas and the communities they serve thrive.”
Inclusiv noted U.S. Census Bureau data projects that the United States will be “majority-minority,” or majority people of color, by 2043.
‘Widening Racial Wealth Gap’
“The structure of our current financial system predominantly benefits white households, businesses, and shareholders, contributing to the widening racial wealth gap,” Inclusiv said.
Accordingly, Inclusiv said it is experiencing an increase in demand among MDI Community Development Credit Unions (CDCUs) and cooperativa leaders for specialized community development finance services and resources.