Inclusiv, a strategic partner of the New York Credit Union Association, announced this week that its membership has reached 400 members, in a year with its largest growth in membership yet.
Through the CDFI Fund’s Rapid Response Program, Inclusiv has helped facilitate 244 credit unions receive $402 million in grants, which provide vital funding to underserved communities. A vast majority of these 244 credit unions are Inclusiv members, who have participated in Inclusiv’s educational webinars, including instructional CDFI application videos in partnership with CUNA Mutual Group, in addition to receiving hands-on technical assistance clarifying information and directing these financial institutions to additional resources.
Inclusiv reported that its largest increase in membership is in Puerto Rico through its vast network of financial cooperatives. Currently, a majority — 80 out of 120 cooperativas and federal credit unions — are Inclusiv members, as a result of its CDFI initiative on the island.
“This milestone is a clear marker of credit unions answering the call to address, promote and deliver on greater financial inclusion and racial equity for the communities they serve,” said Cathie Mahon, Inclusiv president/CEO. “Our 400 members represent the crucial and necessary role of CDFI credit unions in deploying capital to communities traditionally underserved or left behind by mainstream financial institutions.”