NEW YORK–Following a year in which it said it has seen its largest-ever membership growth, Inclusiv is reporting its membership topped 400 for the first time.
"This milestone is a clear marker of credit unions answering the call to address, promote, and deliver on greater financial inclusion and racial equity for the communities they serve,” said Cathie Mahon, Inclusiv's president/CEO. “Our 400 members represent the crucial and necessary role of CDFI credit unions in deploying capital to communities traditionally underserved or left behind by mainstream financial institutions.”
Through the CDFI Fund’s Rapid Response Program, Inclusiv reported it helped facilitate 244 credit unions to receive $402 million in grants, which provide vital funding to underserved communities. A vast majority of these 244 credit unions are Inclusiv members, who attended Inclusiv's educational webinars, including instructional CDFI application videos in partnership with CUNA Mutual Group, and received hands-on technical assistance clarifying information and directing these financial institutions to additional resources, the trade group said.
It added the success of Inclusiv's work has accelerated growth in membership, motivated by the “support to better serve their communities, more and more credit unions want to be a part of this diverse movement that empowers their members.”
"Over the past 18 months, Inclusiv's member credit unions and the communities they serve have faced enormous challenges,” said Jules Epstein-Hebert, Inclusiv's director of membership. “Our network has responded by deepening our commitment to inclusive finance and offering a helping hand to those who need it most. As attention turns to the work of financial equity and the impact of community development credit unions, our movement continues to grow stronger and more diverse. As we grow, Inclusiv continues our relationships with members and partners to deliver innovative solutions for our communities.”
Strong Growth in Puerto Rico
Inclusiv reported its largest increase in membership has taken place in Puerto Rico, where 80 out of the island’s 120 cooperativas and federal credit unions are members of Inclusiv, which credited its CDFI initiative for the high penetration. Fifty of these members saw the benefits of Inclusiv membership and CDFI certification for their peers and joined Inclusiv in the last year, “bringing much needed capital and resources to their communities,” Inclusiv said.
In addition, to better reflect and serve our evolving membership, Inclusiv said it added a fifth region to its board representation, specifically for Puerto Rico and the Caribbean.
"CDFI certification has had such an impact on Puerto Rico's economic recovery, both from the pandemic and a series of natural disasters. Since 2020, Inclusiv has worked tirelessly to help 23 cooperatives become CDFI certified, bringing in millions of new funding for community development initiatives and programs,” said Pablo DeFilippi, Inclusiv's SVP-membership and network engagement. “We expect to have about 60 members receive CDFI certification in Puerto Rico by the end of this year.”