Inclusiv Racial Equity Grant Fund RFP Available for CUs, Cooperativas Serving Communities of Color

Inclusiv is pleased to announce a Request for Proposals (RFP) for the Racial Equity Grant Fund. This grant fund was previously launched as the Resilience Grant Fund in June 2020 to help credit unions led by and serving people of color provide financial relief to consumers and small businesses affected by COVID-19. Under the Resilience Grant Fund, fifty-nine credit unions and cooperativas were awarded $1 million in philanthropic grants for coronavirus financial relief, including fee waivers; emergency low-interest loans; technology enhancements; marketing; financial coaching and counseling; and business planning.

In January 2021, as part of a COVID-19 Emergency Relief Package, $12 billion in federal funding was dedicated for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) ensuring resources will be directed to some of the communities hardest hit by the pandemic. Further, Inclusiv has launched a $20 million Racial Equity Investment Fund deploying secondary capital investments to expand economic relief and financial inclusion for credit unions that serve communities of color. This unprecedented level of investment into MDIs and CDFIs represents a huge opportunity in the year ahead.

Inclusiv will focus this special, limited round of the Racial Equity Grant Fund on helping approximately 15-20 MDIs and cooperativas under $50 million in assets become CDFI certified and position themselves to apply for federal funding in 2022. Grants will be made up to $20,000, and eligible uses include:

• Consulting support to help the credit union become CDFI certified and/or apply for CDFI funding
• Strategic or business planning to help the credit union meet changing and evolving needs of the community
• Technology and infrastructure investments, including hardware and software, for credit union operations or to expand digital banking services
• Other related initiatives

The deadline for applications is Tuesday, August 31, 2021. This 2021 funding round is made possible by Capital One, Bank of America, and Inclusiv. Inclusiv continues to seek additional funding to meet the outstanding need for capital in the minority designated credit union market and will issue additional RFPs as funding permits.

To learn more and complete the Request for Proposals, visit inclusiv.org/racial-equity-grant-fund.

If you have questions about the Racial Equity Grant Fund, contact Inclusiv Senior Program Officer Monica Copeland at mcopeland@inclusiv.org.