Comcast Advances Economic Mobility and Racial Equity in Underserved Communities Through $10 Million Investment With Inclusiv
June 09 2021 - 10:00AM
Business Wire
Inclusiv and Comcast Corporation today announced that Comcast
has committed to invest $10 million specifically aimed at building
equity in credit unions led by and/or serving people of color
through Inclusiv’s Racial Equity and Resilience Investment Fund
(“the Fund”). Launched in 2020, the Fund leverages investments to
increase lending to minority-owned businesses, homeowners, and
consumers, providing access to capital and new financial
opportunity to traditionally underserved and underbanked
communities. As Inclusiv’s first corporate investment, Comcast’s
commitment will enable local financial institutions to deploy at
least $200 million in total capital in communities that need it the
most and help ensure hardworking individuals have access to the
capital needed to build and strengthen their financial lives.
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This high-impact investment also paves the way for additional
contributions from social impact investors, further growing the
Fund’s impact and reach. The Racial Equity and Resilience
Investment Fund builds upon the highly successful Inclusiv
Resilience Grant Fund, which raised more than $1 million in grant
funds for 59 minority-designated credit unions serving more than
200,000 members.
The unprecedented economic crisis caused by the COVID-19
pandemic exacerbated the long-standing racial wealth gap caused by
generations of systemic racism in the United States. People and
communities of color saw their income levels, ways to accumulate
wealth, and entrepreneurial opportunities lag behind that of their
white counterparts before and after the pandemic, disparities that
became even more pronounced over the past year. Currently, the
unemployment rate for Black workers is almost double that of white
workers. Additionally, Black-owned small businesses have
experienced the most significant decline among active small
business owners nationwide, shutting their doors at more than twice
the rate of white-owned businesses.
“Our partnership is driven by the simple – but powerful – idea
that businesses can help change and improve lives,” said Dalila
Wilson-Scott, Executive Vice President and Chief Diversity Officer
of Comcast Corporation. “This investment reflects our commitment to
advancing pathways to economic mobility and racial equity. We
applaud Inclusiv’s leadership in removing barriers to financial
opportunity and helping drive powerful returns that reach across
entire communities.”
Community Development Credit Unions (CDCUs) and
Minority-Designated Institutions (MDIs), which are locally owned
financial institutions, have stepped in to meet essential needs in
their communities. They helped unbanked consumers open accounts to
receive stimulus checks safely, delivered low and no-cost emergency
loans to meet basic household needs, provided forbearance on
existing loans, and made at least $4 billion in Paycheck Protection
Program loans to small and micro businesses during the
pandemic.
“Large-scale investments grow community-based financial
institutions to fulfill their mission – helping people
traditionally left out of the financial mainstream to access and
use financial products to build credit, start and grow small
businesses, and achieve the dream of homeownership,” said Cathie
Mahon, President and CEO of Inclusiv. “Comcast’s investment enables
these crucial front-line institutions to provide solutions to
inequitable access to credit in communities of color. Inclusiv
welcomes Comcast as a new investor, moving investment into action
to build strong and diverse local economies.”
Community development and MDI credit unions can have significant
impact on their communities if supported with the capital necessary
to thrive. Secondary capital allows CDCUs and MDIs to do more of
what they do best – extend credit and provide safe and affordable
financial services to underserved individuals who may not otherwise
have access to them. Inclusiv studies have shown that CDCUs that
received these investments leveraged capital up to 60 times over 5
years – resulting in more loan deployment, more financial products
and services offered, and more specialized lending.
About Inclusiv
At Inclusiv, we believe that true financial inclusion and
empowerment is a fundamental right. We dedicate ourselves to
closing the gaps and removing barriers to financial opportunities
for people living in distressed and underserved communities.
Inclusiv is a certified CDFI intermediary that transforms local
progress into lasting national change. We provide capital, make
connections, build capacity, develop innovative products and
services and advocate for our member community development credit
unions (CDCUs). Inclusiv members serve over 14 million residents of
low-income urban, rural and reservation-based communities across
the US and hold over $184 billion in community-controlled assets.
Founded in 1974, Inclusiv is headquartered in New York, NY, with
offices in Madison, WI and Atlanta, GA. For more information about
Inclusiv visit us at Inclusiv.org and connect with us on Facebook,
LinkedIn and Twitter.
About Comcast
Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and
technology company that connects people to moments that matter. We
are principally focused on broadband, aggregation, and streaming
with over 56 million customer relationships across the United
States and Europe. We deliver broadband, wireless, and video
through our Xfinity, Comcast Business, and Sky brands; create,
distribute, and stream leading entertainment, sports, and news
through Universal Filmed Entertainment Group, Universal Studio
Group, Sky Studios, the NBC and Telemundo broadcast networks,
Peacock, NBC News, NBC Sports, Sky News, and Sky Sports; and
provide memorable experiences at Universal Parks and Resorts in the
United States and Asia. Visit www.comcastcorporation.com for more
information.
Interested supporters with questions about the Inclusiv Racial
Equity and Resilience Investment Fund can contact Cathi Kim,
Director of Inclusiv/Capital, at ckim@inclusiv.org.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210609005259/en/
Media Contacts: Audrey Wang Inclusiv
awang@inclusiv.org
Joelle Terry Comcast Corporation Joelle_terry@comcast.com
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