NEW YORK–After launching the New Majority Growth Initiative in 2023, a program that aims to provide support to minority depository institutions (MDIs), Inclusiv said it has launched a $1.2-million funding round for 2024.
According to Inclusiv, the New Majority Growth Initiative provides direct funding through its Racial Equity Grant Fund, and participants of the program have been engaged in group classes and consulting services to enhance the growth trajectory of MDIs and Cooperativas.
Inclusiv said it has distributed over $2.5 million in grants to support MDIs and cooperativas since 2020; past recipients can be viewed here.
Funding for this grant round in 2024 has been made possible with support of the Citi Foundation and JPMorgan Chase. Inclusiv has also received federal funding from the CDFI Fund’s Equitable Recovery Program (ERP) to provide subgrants to its members.
How Funds Will be Used
The grant funds will support MDIs and cooperativas’ ability to:
- Respond to specific community development lending needs, including becoming CDFI certified or recertified
- Hiring specialized lending, communications and operations staff
- Establishing loan loss reserves
- Investing in lending systems or technology to launch or expand homeownership lending, small and micro businesses
- Clean energy (such as for home and commercial solar & electric vehicles)
- Responsible small dollar lending, and other innovative products.
Inclusiv said grantees may also use the funds to foster savings growth, deliver financial coaching to improve consumer financial health and engage in intergenerational wealth building and estate planning. Lastly, grants may support consulting services to build strong strategic or business plans, expand fields of membership, or implement training and professional development necessary to manage a robust growing financial, the organization added.
For info, go here.
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