NEW YORK–Yield Giving, MacKenzie Scott’s charitable organization, has provided Inclusiv with a $9-million grant.
Inclusive said the grant will enable Inclusiv to deploy high-impact capital—specifically impact deposits and lending secondary markets—to community development credit unions across the country.
“This gift from philanthropist MacKenzie Scott is a tremendous moment for the community development credit union movement to unlock capital to help us expand our reach and deepen our impact. It also is a testament to Inclusiv’s pioneering role in raising the visibility of the work we do to strengthen financial stability and economic opportunity in our communities every day,” said Robin Romano, CEO, MariSol FCU and Inclusiv board chair.
This award has helped the Inclusiv Impact Deposits Fund reach its $100-million goal for 2024, Inclusiv said.
Advance Financial Inclusion
The Inclusiv Impact Deposits Fund provides needed liquidity that expands credit unions’ capacity to advance financial inclusion, narrow the racial wealth gap by creating equitable homeownership and small business opportunity, and spur the adoption of clean energy technology, Inclusiv said.
In addition to the immediate liquidity, the award will provide in the form of deposits, the Yield Giving grant will enable Inclusiv to leverage an additional $25 million in capital to expand secondary markets and build lasting infrastructure to grow mortgage, small business, and clean energy lending throughout Inclusiv’s network of more than 500 credit unions.
“MacKenzie Scott and Yield Giving are transforming philanthropy by identifying high-impact organizations and enabling us to advance strategic goals and support local solutions to community needs. We are proud to be among the organizations selected to receive this new form of giving. This gift comes at a pivotal moment for community-owned and controlled financial institutions. We are growing our reach, deepening our impact and with this support will expand access to capital to strengthen communities for years to come,” said Cathie Mahon, president/CEO, Inclusiv.