NEW YORK, NY (October 17, 2024) — Inclusiv announced today that Yield Giving, MacKenzie Scott’s charitable organization, has made a grant of $9 million to the organization. This grant will enable Inclusiv to deploy high-impact capital, specifically impact deposits and lending secondary markets, to community development credit unions delivering financial inclusion, homeownership, small business and climate-related investments in low-income and historically disinvested communities 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 catapulted the Inclusiv Impact Deposits Fund to reach its $100 million goal for 2024, which will catalyze high-impact lending in historically redlined and disinvested communities across the country, including U.S. territories. 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.
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. Inclusiv’s secondary markets have a strong track record of lending to predominantly Black, Hispanic/Latinx, Asian or Pacific Islander, and Native American borrowers, building wealth and creating long-term financial security.
“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.
Celebrating our 50th anniversary this year, Inclusiv empowers our more than 500 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
