LSCU affiliated credit unions were among celebrated recipients of Inclusiv’s Resilience Fund awards, which were presented to 59 minority designated credit unions and cooperatives that define what it means to be resilient. For decades, the awardees have provided communities of color with access to vital financial products and services. These credit unions are mitigating the devastating impact of the coronavirus pandemic in marginalized communities.
Winners in the LSCU tri-state footprint are:
- Sixth Ave Baptist Church FCU, Birmingham, Ala.
- Phenix Pride FCU, Phenix City, Ala.
- NRS Community Development FCU Birmingham, Ala.
- Demopolis FCU, Demopolis, Ala.
- Councill Federal Credit Union, Normal , Ala.
- FOGCE FCU, Eutaw, Ala.
- Florida A & M University FCU (FAMU FCU), Tallahassee, Fla.
- CU of Atlanta, Atlanta, Ga.
The Resilience Fund was launched in June 2020 to help minority-owned and operated credit unions with assets of under $100 million provide financial relief to consumers and small businesses affected by COVID-19. In total, $655,000 in philanthropic grants ranging in size from $5,000 to $25,000 were approved in the first funding round for coronavirus financial relief, including fee waivers; emergency low-interest loans; technology enhancements; marketing; financial coaching and counseling; and business planning. The Inclusiv Resilience Fund is made possible through support from The Annie E. Casey Foundation, Bank of America, Capital One Financial Corporation, Citi, JPMorgan Chase, and Prudential Financial.
The applicant pool provided insight into the robust response minority credit unions are providing the communities of color they serve. From March through June 2020 the 59 credit union applicants provided more than 370,000 instances of payment relief (e.g., fee waivers, loan payment extensions, forbearance, etc.) made more than 570 Paycheck Protection Program loans totaling over $15 million
They have given financial counseling to more than 4,000 Individuals made nearly 1,000 emergency loans and 250 personal and small business loans
The minority credit unions selected to receive grants represent 16 states, Puerto Rico and Washington, DC. Their combined assets are $1.2 billion, and they serve over 208,000 members. Total loans outstanding for the group are over $310 million.
Inclusiv received applications from 67 credit unions requesting a total of $1.3 million in support and continues to seek additional funding to meet the outstanding need for capital in the minority designated credit union market.
Credit unions interested in supporting or applying to the Resilience Grant Fund can contact Monica Copeland, Inclusiv senior program officer, at email@example.com.