NEW YORK – Inclusiv is reporting it has invested $2.5 million in social impact deposits with 10 minority depository institution (MDI) credit unions with a goal of advancing equitable recovery initiatives in underinvested communities “severely impacted” by the COVID-19 pandemic.
Inclusiv said the latest pool of investments in CDFI and MDI credit unions brings its social impact deposit deployments to more than $220 million. The organization, as an awardee of the U.S. Department of Treasury’s CDFI Fund’s Equitable Recovery Program, said it is investing these funds to support capacity building and impact lending in economically distressed communities.
Reaching Across Country
According to Inclusiv, the investments are going to credit unions stretching from Brooklyn to the Midwest and across to Native Hawaiian homelands on the Big Island. The 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, according to Inclusiv.
“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,” Inclusiv said. “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.”
Newest Cohort
Inclusiv said the new Social Impact Deposit investees include:
- Brooklyn Cooperative FCU
- Everest 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
- USC CU
What’s Provided
As a CDFI, Inclusiv said it provides capital and capacity building tools and training to support the leadership of community-led and owned financial services to building more inclusive opportunities. It added it has trained more than 500 community lenders to start and grow lending and finance to advance resiliency and inclusion in underinvested communities,
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