Inclusiv Awards Grants to 59 Minority Cooperatives
The $655,000 supports efforts to help consumers weather the pandemic.
Fifty-nine minority-designated credit unions and other cooperatives will receive $655,000 in grants to support their resilience in response to the COVID-19 pandemic, an organization for community development credit unions announced Wednesday.
Inclusiv said its Resilience Fund grants range in size from $5,000 to $25,000 and will help support fee waivers, emergency low-interest loans, technology enhancements, marketing, business planning and financial coaching.
“For decades, the awardees have provided communities of color with access to vital financial products and services. With little fanfare and limited resources, today these credit unions are mitigating the devastating impact of the coronavirus pandemic in marginalized communities,” Inclusiv’s news release said.
The Inclusiv Resilience Fund was launched in June to help minority-owned and operated credit unions with assets of under $100 million provide financial relief to consumers and small businesses affected by COVID-19.
The fund is made possible through support from The Annie E. Casey Foundation, Bank of America, Capital One Financial Corporation, Citi, JPMorgan Chase and Prudential Financial.
The minority credit unions selected to receive grants represent 16 states, Puerto Rico and Washington, D.C. Their combined assets are $1.2 billion, and they serve over 208,000 members. Total loans outstanding for the group are over $310 million.
“Today we celebrate credit unions and cooperativas (cooperatives) whose commitment to their communities’ financial health and well-being has never wavered,” Cathie Mahon, president/CEO of the New York-based Inclusiv, said.
“Inclusiv is proud to support your work in building more resilient communities,” she said. “Now, in the face of converging social and economic crises, the Resilience Fund will provide capital to credit unions and cooperativas who can get financial relief to those who need it most.”
From March through June, the 59 credit unions had:
- Provided over 370,000 instances of payment relief, including fee waivers, loan payment extensions and forbearances.
- Made over 570 Paycheck Protection Program loans totaling over $15 million.
- Counseled more than 4,000 people on their finances.
- Made nearly 1,000 emergency loans and 250 personal and small-business loans.
Inclusiv received applications from 67 credit unions requesting a total of $1.3 million in support and continues to seek additional funding to meet the outstanding need for capital in the minority designated credit union market.
People interested in supporting or applying to the Resilience Grant Fund can contact Monica Copeland, Inclusiv Senior Program Officer, at mcopeland@inclusiv.org.