Inclusiv’s MDI & Cooperativa Learning Center, Grant Opportunity

Smaller credit unions located in the greater Bay Area and Los Angeles regions — as well as other areas throughout California or Nevada — may benefit from Inclusiv’s New Majority Growth Initiative, which offers special grants worth up to $10,000 – $50,000! Application submissions are due by February 29.

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; past recipients can be viewed here. 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 our members.

Grant Uses
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 and 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.

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.

Submission Evaluation Prioritization
In the evaluation of submissions, prioritization is given to:

• 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 (under $1 million – $250 million 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: 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.

Inclusiv anticipates issuing grants that are approximately $10,000 at a minimum and $50,000 at a maximum (average grant size may be around $20,000 – $25,000).

Application and Timeline
To apply:

• Complete the online application form. 

The deadline to submit an online application is Thursday, February 29, 2024. Grantees will be selected by March, and the first classes for those selected for the MDI and Cooperativa Learning Centers will begin in mid-late April.

If you have any questions about the New Majority Growth Initiative, application, or participant/grantee expectations, please contact:

• Monica Copeland, MDI Network Director (English applications).
• René Vargas Martinez, PR Network Director (Spanish applications).

About Inclusiv
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.