Inclusiv’s New Majority Growth Initiative is a project designed to support current leaders of Minority Depository Institution (MDIs) in the mainland United States, U.S. Virgin Islands, and financial cooperatives (“cooperativas”) in Puerto Rico.
Donor Name: Inclusiv Credit Unions
State: Selected States
City: Selected Cities
Type of Grant: Grant
Deadline: 02/29/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
Inclusiv will provide access to community development finance training, capacity building tools, consulting support, and financial resources necessary to support growth and sustainability.
In 2023, Inclusiv, a national network of 500 credit unions with a mission to assist low- and moderate-income individuals and communities, launched the New Majority Growth Initiative. This program aims to provide support to current leaders of Minority Depository Institutions (MDIs) in the mainland United States, U.S. Virgin Islands, and financial cooperatives (“cooperativas”) in Puerto Rico. The New Majority Growth Initiative provides direct financial resources through Inclusiv’s Racial Equity Grant Fund, and participants of the program have been engaged in group classes and consulting services to enhance the growth trajectory of MDIs and Cooperativas.
Inclusiv has distributed over $2.5 million in grants to support MDIs and cooperativas since 2020. Funding for this specific $1.2 million dollar grant round in 2024 has been made possible through the generous support of Citi Foundation and JPMorgan Chase. Inclusiv has also received federal funding from the CDFI Fund’s Equitable Recovery Program (ERP) to provide subgrants to the members.
They will Prioritize:
- MDIs and Cooperativas who can participate in the virtual MDI or Cooperativa Learning Center that meets monthly for 6 months (April 2024 – September 2024).
- Credit unions who have already participated in the Learning Center may apply, and those who are not able to participate in the next 6 months may still apply.
- Those that are smaller in size (e.g., under $1M – 250M asset range), but larger MDI credit unions and cooperativas may apply
- Those that are not yet CDFI certified or did not receive CDFI Technical Assistance or Financial Assistance grants in the past
- Those that are located in certain geographic markets of interest to the funders:
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- New York City, Greater Washington DC (including Richmond/Baltimore), Miami (including Ft. Lauderdale/West Palm), Wilmington (DE), Chicago, Columbus, Greater Dallas (Ft. Worth/Plano), Houston, Bay Area, Los Angeles, and Phoenix
- Those that demonstrate a significant or urgent need for financial resources and thoughtfully explain how the funds will be used.
- Those grantees that have been responsive to past reporting requirements or who have the capacity to submit future reporting requirements.
Criteria and Priority Areas
Inclusiv is seeking credit unions and cooperativas that meet the following criteria:
- Are designated as an MDI or meet the definition of a minority-led and minority-serving credit union or cooperativa based on board of director and member demographics
- Are members of Inclusiv, or will join Inclusiv’s network, prior to receiving the grant.
Funding Infromation
They anticipate issuing grants that are approximately $10K at a minimum and $50K at a maximum (avg. grant size may be around $20-25K).
Uses of Funds
The grant funds will support MDIs and cooperativas’ ability to respond to specific community development lending needs including: becoming CDFI certified or recertified; hiring specialized lending, communications and operations staff, establishing loan loss reserves, investing in lending systems or technology to launch or expand homeownership lending, small and micro businesses, clean energy (such as for home and commercial solar & electric vehicles), responsible small dollar lending, and other innovative products. Grantees may also use the funds to foster savings growth, deliver financial coaching to improve consumer financial health and engage in intergenerational wealth building and estate planning. Lastly, grants may support consulting services to build strong strategic or business plans, expand fields of membership, or implement training and professional development necessary to manage a robust growing financial institution.
For more information, visit Inclusiv Credit Unions.
