NEW YORK– Inclusiv is reporting its Resilience Grant Fund has reached $1 million.
The organization said it hit the milestone following new support from JPMorgan Chase and Capital One Financial Corp.
As CUToday.info reported, the Resilience Grant Fund was launched in June 2020 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 Resilience Fund provides grant support and technical assistance to minority credit unions that are led by and serving people of color that are under $100 million in assets, and is part of Inclusiv's $25 million campaign to raise capital to address the racial wealth gap and support communities of color.
"The Resilience Fund is a key part of Inclusiv's commitment to investing in communities of color," said Cathie Mahon, Inclusiv CEO. "Now more than ever, it’s critical that we renew and expand our efforts to advance economic justice."
Inclusiv said JPMorgan Chase and Capital One have been leading supporters of the Inclusiv Resilience Fund and have increased their grant funding of Inclusiv's technical assistance and network building among minority credit unions nationally.
In addition, PNC Bank and Bank of America have also joined in support of the Inclusiv Resilience Fund with regionally targeted support, Inclusiv said.
‘Building Resilience’
"Sound financial health is key to building resilience and prosperity in communities," said Sarah Willis, VP-financial health at JPMorgan Chase. "At JPMorgan Chase, we are committed to helping Black and Latinx-led Minority Depository Institutions achieve future success as part of our $30 billion effort to advance racial equity."
Added Andy Navarrete, EVP-head of external affairs with Capital One, "Capital One is proud to expand our support of the Inclusiv Resilience Grant Fund and help individuals and small business owners gain better access to economic opportunity. Our investment is part of the recently launched Capital One Impact Initiative, focused on advancing socioeconomic mobility and catalyzing growth in low- and moderate-income communities. We believe it's our responsibility to leverage our scale and resources to help foster a world where everyone has an equal opportunity to prosper."
Grants Funded
Inclusiv reported that in September 2020 $655,000 in philanthropic grants ranging in size from $5,000 to $25,000 were awarded to 59 minority designated credit unions in the first funding round to expand financial access and relief during the ongoing economic crisis.
The organization said grantee credit unions are utilizing funding to offer low-interest emergency loans; improve digital banking and remote technology; marketing to raise community awareness of their offerings; and expand financial coaching support for consumers and small businesses. Inclusiv received applications from credit unions requesting a total of $1.3 million.
“The additional funding…will empower Inclusiv to increase awards to the credit unions and cooperativas that received awards in the first funding round nearly fully funding requests expanding financial inclusion and relief in their communities,” Inclusiv said.
How 1 CU Is Using Funds
Among the credit unions to receive a Resilience Grant Fund award is CDFI and minority designated Faith Community United FCU in Cleveland. Faith Community United is using their award to help youth whose families do not have adequate access to laptops needed for remote learning, Inclusiv said.
"During this uncertain time for children and their family members, it is so crucial that they have reliable technology so that they do not have any disruption to their education—and we are honored to be able to make that happen thanks to the funds we received," said CEO of Faith Community Credit Union Jacqueline Moore. “Our community deserves a ray of hope. This is what the Resilience Fund is for us."
The credit union is also using the funds to help its members with deferred loan payments, as well as supply staff with laptops to continue working at home.