NEW YORK, NY (October 24, 2024) — Inclusiv and Visa Foundation announce the expansion of successful initiatives that drive community development lending and equity in credit unions. Over the next three years, Visa Foundation will make a $1 million investment to support and expand two critical Inclusiv initiatives: CDFI Impact and the New Majority Growth Initiative. CDFI Impact supports credit unions to deepen their community development lending through the deployment of asset building financing options, such as affordable homeownership, small business and credit building lending in low-income and historically underserved communities. The New Majority Growth Initiative, launched in 2023, provides targeted investment, technical support and training to expand Minority Depository Institution (MDI) credit unions.
“With Visa Foundation’s investment, Inclusiv will deepen its reach and impact into communities not well served by traditional financial institutions. Expanding these two key initiatives will increase opportunities for wealth creation with affordable homeownership lending for first time homeowners, generate economic opportunity through small business lending, build climate resilience in front-line communities, and advance financial inclusion in underserved communities,” said Cathie Mahon, President/CEO, Inclusiv.
“One of Visa Foundation’s goals is to help uplift entrepreneurs,” said Graham Macmillan, President, Visa Foundation.“We’re proud to work alongside partners like Inclusiv to help create economies where this community can thrive.”
CDFI Impact supports credit unions and financial cooperatives serving Puerto Rico (Cooperativas) to obtain and use CDFI certification to deepen their lending with data analytics through the Inclusiv Financial Inclusion Data Analytics Platform (FIDAP) that enables credit unions to track their lending and target their activities to high-need communities not well served by mainstream financial institutions. This support helps CDFI credit unions maximize resources to these underserved communities and increase the flow of capital that builds and strengthens local economies.
The New Majority Growth Initiative supports Minority Depository Institution (MDI) credit unions and Cooperativas through the MDI and Cooperativa Learning Centers, which help these vital,community-based financial institutions build capacity and deepen their impact in the communities they serve.
This grant will enable Inclusiv to expand its programming directed to hundreds of CDFI certified and MDI designated credit unions across the country, and will support them in unlocking $1.4 billion in new lending, spurring small business growth and creating economic opportunity in historically marginalized and disinvested communities.
Founded in 1974, Inclusiv empowers its member credit unions to advance financial inclusion through advocacy, education, technology, and impact investment. Inclusiv is a certified CDFI intermediary instrumental in driving private and public investment in credit unions to build wealth for individuals, households, businesses, and communities formerly excluded from the financial mainstream.
Ashley Hunter,
Senior Communications Officer,
Inclusiv
