NEW YORK–Inclusiv/Capital said it has expanded its offerings to include 10-year secondary capital loans.
The organization, formerly known as the National Federation of CDCUs, called secondary capital “a catalytic resource in scaling the double bottom line -- both the financial growth and community impact of credit unions.”
Inclusiv said it has launched the Spring funding round of Inclusiv/Capital Secondary Capital to expand innovative credit union services to new and emerging markets. Secondary capital loans of up to $2 million are available to launch high-impact community development products, the organization said. To provide additional information, it will be hosting a webinar on May 13.
Inclusiv said Inslusiv/Capital provides resources to its member CDCUs seeking funds to increase liquidity, boost net worth, mitigate risk and introduce innovative products. Inclusiv/Capital, which was formerly known as the CDI Program, has invested more than $150 million in CDCUs since its inception in 1982.
According to Inclusiv, the benefits of secondary capital include the opportunity to:
- Catalyze growth and expansion plans
- Strengthen and expand financial and development services to low-income and underserved communities
- Safely innovate and scale products and services to expand a CU’s community impact
How to Apply
All applications are on the Inclusiv's website, www.inclusiv.org/capital. All low-income designated credit unions may apply, but only Inclusiv members in good standing may receive funding, Inclusiv said. Applicants are strongly encouraged to submit their completed applications electronically well in advance of the June 14, 2019 deadline.