NEW YORK–Inclusiv has launched a new Inclusiv Resilience Fund, which it said is designed to support credit unions serving communities of color that have been disproportionately affected by the coronavirus pandemic and marginalized because of race, ethnicity or immigration status.
The fund is open to credit unions that are led by and serving people of color that are under $100 million in assets, Inclusive reported. It said the fund has been made possible by support from The Annie E. Casey Foundation, Capital One Financial Corp., Citi, JPMorgan Chase, and Prudential Financial.
Inclusiv, which describes itself as a national network of credit unions with a mission of helping low- and moderate-income people and communities, said it is now accepting applications for the first round of grant support to credit unions providing financial relief to consumers and small businesses such as low-cost small-dollar loans, loan payment forbearance, fee waivers, new account opening for unbanked individuals, and support for Paycheck Protection Program (PPP) lending and borrowers.
‘Renew & Expand’
"The Resilience Fund is a key part of Inclusiv's commitment to investing in communities of color. Now more than ever, it’s critical that we renew and expand our efforts to advance economic justice in these communities," said Cathie Mahon, president and CEO of Inclusiv. "Our members have an unparalleled understanding of consumers and businesses left out of the financial mainstream, whose contributions to their local communities and economies are often not recognized. Inclusiv's Resilience Fund is designed to expand the scope and impact of community development credit unions that are providing relief where it's needed most."
Inclusiv reported that during the first wave of funding it will distribute more than $625,000 in grant support. Grants up to $20,000 will be available for expenses related to COVID response and expanding financial inclusion in communities of color, including equipment and technology to enhance digital services, expenses incurred to offer loan extensions, emergency loan product deployment, and operational expenses, it said.
“The Inclusiv Resilience Fund is an opportunity for minority designated credit unions to receive funding to expand the scope and reach of their financial programs and services for the benefit of the people and communities they serve,” the organization said.
How to Apply
Applications can be found at www.inclusiv.org. The deadline to apply for the first funding round is July 10.
Inclusiv said it is continuing to raise philanthropic support for the Resilience Fund. Interested supporters and applicants with questions can contact Monica Copeland, Inclusiv senior program officer, at mcopeland@inclusiv.org