NEW YORK– Inclusiv and New Venture Fund have announced a partnership they said is aimed at increasing racial equity and financial inclusion in low-income and communities of color.
According to the organizations, New Venture Fund is using Inclusiv’s Social Impact Deposits Platform to invest an initial $4 million into community development credit unions (CDCUs) and minority designated credit unions serving historically underinvested communities.
“CDCUs advance financial inclusion by providing safe alternatives to predatory loans, capital for small businesses and home ownership, and supporting asset building and wealth creation opportunities for those excluded by the mainstream,” Inclusiv stated.
‘Diverse Coalition’
Inclusiv is a national community development financial institution (CDFI) and trade group representing a network of more than 450 CDCUs providing financial and development services to 18 million members of underserved communities.
Investments through the Inclusiv Social Impact Deposits Platform distribute funding for CDCUs to expand support to their lending and financial inclusion initiatives, Inclusiv said.
As one of the first national CDFIs, Inclusiv said it has partnered with a “diverse coalition of stakeholders and investors across philanthropy, corporations, banking, and social impact investors to deploy more than $300 million directly into under-resourced communities and communities of color.”
More Intentional Alignment
"In 2020, New Venture Fund began to focus more intentionally on aligning all aspects of our business, including invested assets, with our values. As a charitable organization, we want to invest in opportunities that deliver meaningful impact in the areas of racial, social, and economic justice," said NVF CFO Shannon Scott. "Inclusiv offered a unique opportunity to support its network of community development credit unions that further support Black and brown communities and their infrastructure. Inclusiv’s approach, knowledge, expertise, and passion was key to us partnering to bring patient capital to these communities."
Added Cathi Kim, director of Inclusiv/Capital, "New Venture Fund is a model for organizations seeking how to transform commitments into impact in narrowing the opportunities and wealth gaps in underinvested communities. Inclusiv is excited to partner with them and our growing circle of partners in aligning investments with their values."
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