NEW YORK–– Inclusiv is reporting it has been selected by the Environmental Protection Agency (EPA) for $1.87 billion in funding through the Greenhouse Gas Reduction Fund (GGRF) Clean Communities Investment Accelerator (CCIA).
Inclusiv described the grant as “transformational,” and said it will enable community development credit unions to deliver energy efficiency, electrification, and solar access to consumers, homeowners and small businesses to reduce carbon emissions and generate clean energy in their homes, transportation and businesses.
The nearly $2-billion grant is part of a total of $20 billion in grants being made by the Biden
Administration aimed at supporting clean technology projects.
How Funds Will be Used
According to Inclusiv, the Clean Communities Investment Accelerator funding will allow it to provide community development credit unions grants for capitalization, staffing, training, software and other operating costs.
The organization further said it will:
- Build local and national markets for green lending by scaling its solar and green lending training and technical assistance program for community-based lender
- Expand its proprietary lending data analytics software to target financing to low-income and disadvantaged communities
- Build its consumer financial empowerment platform for climate resilience
- Help connect community lenders to minority-owned clean energy businesses.
‘Honored to be Selected’
“Inclusiv is honored to be selected for the EPA’s Clean Communities Investment Accelerator (CCIA). The grant offers the opportunity to build a more equitable environmental, energy and financial system in this country,” said Inclusiv President and CEO Cathie Mahon. “We are thrilled that CCIA will enable us to direct grants and assistance to a network of high-impact, community-owned and governed credit unions and cooperativas with deep roots in low-income and disadvantaged communities. Our approach scales lending that will decarbonize communities and enable consumers, households and businesses to benefit from greater energy efficiency, resilience and financial security.”
Inclusiv said community development credit unions will enable residents and businesses to access affordable financing for efficient heating and cooling systems, efficient appliances, electric vehicles, solar panels and other projects that reduce energy bills, improve air quality and health outcomes, create good jobs and establish greater resilience and financial security.
‘Hundreds More Credit Unions’
“As the leading provider of green lending training and technical assistance for community-based lenders, we look forward to supporting hundreds more credit unions in building green lending programs serving low-income and disadvantaged communities in the coming years,” said Neda Arabshahi, SVP with Inclusiv’s Center for Resiliency and Clean Energy. “The CCIA grant will supercharge how we support and grow the green lending ecosystem, and the capitalization and capacity-building grants for credit unions will remove many of the barriers credit unions face when developing green lending programs so they are positioned to participate in the National Clean Investment Fund.”
‘Testament to Commitment’
Inclusiv Chair Robin Romano, who is CEO of the $50.1-million MariSol Federal Credit Union in Phoenix, added, “The EPA’s decision to select Inclusiv for this grant is a testament to the organization’s commitment to advancing equity in climate finance and creating the tools needed for community development credit unions, like MariSol FCU, to meet the energy efficiency and green lending needs of our communities. Inclusiv’s training, support and connections have already been invaluable in expanding our credit union’s climate-focused work.
“As a low-income designated, certified CDFI credit union, we understand the needs of our members are not in heating a home, but in cooling it,” Romano continued. “We want our members who live in historic areas of color to weatherize their homes so they can withstand the high temperatures associated with Arizona’s climate. We currently work with solar and air conditioning installers who speak Spanish, and we offer low-cost solar, energy-efficient appliance, and home energy efficiency loans to support our borrowers’ energy goals. We hope to use GGRF grant dollars to expand this work and partner with Inclusiv to identify opportunities to reach deeper into our community.”
Daily News Headlines. To Your Inbox. Every Day. And It’s Free
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance.