Inclusiv Announces $1.7 Million in New Funding for MDIs and Puerto Rico Cooperativas

Cathie Mahon

Inclusiv is proud to announce that 31 Minority Depository Institutions (MDIs) and financial cooperativas in Puerto Rico have been awarded $1.7 million through the expanded New Majority Growth Initiative. The New Majority Growth Initiative supports Minority Depository Institutions and cooperativas in the mainland United States, U.S. Virgin Islands, and Puerto Rico with training, technical assistance and subgrants to increase the reach of these high-impact institutions. 
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This funding round was made possible through the Inclusiv Equitable Recovery Program (ERP) award administered by the US Department of Treasury’s CDFI Fund. This award expanded the successful New Majority Growth Initiative to invest in credit unions owned and controlled by low-income and communities of color to support their members through recovery from the pandemic.  In addition to this record level of grant funding for MDIs and cooperativas, awardees are also enrolled in our leadership Learning Centers consisting of group classes that foster peer-learning and collaborative support for strategic planning, new product development, and succession planning to strengthen the growth trajectory of MDIs and cooperativas.  
 
Launched in 2023 with an initial grant from the Citi Foundation’s Community Finance Innovation Fund (CFIF), the New Majority Growth Initiative has drawn investments from JPMorgan Chase, NerdWallet, Capital One, and the CDFI Fund. With this support, in 2023 and 2024, Inclusiv issued 175 awards totaling $3.3 million in New Majority Growth Initiative subgrants.   
 
The New Majority Growth Initiative emerged out of Inclusiv’s racial equity and COVID-19 response in 2020. In the five years from 2020-2024, Inclusiv disbursed cumulatively over $4.9 million in 339 subgrants to MDIs and cooperativas. 
 
“This expanded funding enables MDIs and cooperativas to reach more families struggling to recover economically to obtain safe and affordable financial services. The New Majority Growth Initiative was created precisely to help close the gap in access to capital and support all communities to thrive. This is what true financial inclusion looks like. - Cathie Mahon, Inclusiv President/CEO 
 
“Sixth Avenue Baptist FCU is deeply honored to have been selected as a recipient of Inclusiv's New Growth Majority Initiative Grant. This recognition highlights Inclusiv's unwavering commitment to supporting Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) in fulfilling our shared mission of serving underserved and marginalized communities. These funds will enable us to hire additional staff which will improve service delivery and expand services to our community. We will also be able to modernize our back office systems to assist with this as well. These grant funds will also strengthen our commitment to helping small minority-owned businesses access the vital capital they need to grow and thrive.” - Michele D. Days, CEO, Sixth Avenue Baptist FCU 

The new cohort of MDI and cooperativas part of the New Majority Growth Initiative  is available here. ​

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