The Economic Opportunity Coalition (EOC) is a historic effort to catalyze and align public and private investments to accelerate inclusive economic growth
The corporations and foundations that are members of the EOC have committed to aligning major investments in communities of color with investments made by the Biden-Harris Administration. The EOC is coordinating across public, private, and social sector organizations to develop and deploy products that solve challenges in getting resources where they are most needed and drive towards outcomes for meaningful action.
Founding EOC member companies include Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, H&R Block, Intercontinental Exchange, KeyBank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, Next Street, PayPal, PNC, The Rockefeller Foundation, Starbucks, TIAA, Upstart, Vista Equity Partners, and Wells Fargo.
KEY PRINCIPLES OF THE COALITION
Quality over quantity
We focus on quality over quantity, building very specific solutions from the bottom-up that address root cause problems; EOC members have over $150 billion in existing commitments – our goal is to focus commitments in a few areas that will move the needle.
Alignment and synergy
We create alignment and synergies between the private and public sectors through sustainable dialogue across the public, private, and social sectors.
Accountability
We hold each other accountable to meaningful action.
THE EOC HAS FOUR PRIORITY AREAS OF FOCUS
Investing in CDFIs and MDIs
- Launching a planning committee to explore the creation of a Community Equity Development Bank (CEDB) to expand financial services to low-to-moderate income (LMI) communities
- Create a shared platform to connect private sector resources for scalable capacity-building assistance to the more than 1,000 branches of CDFIs and MDIs who serve over 1 million people in LMI communities each year
- Fuel low-cost capital by moving $1 billion in deposits to MDIs. EOC members have committed to moving $1 billion in deposits to MDIs to increase access to affordable capital in communities of color
Supporting entrepreneurship and minority-owned businesses
- Connecting 5 million small businesses with capital and technical assistance
Improving financial health and inclusion
- Exploring pathways to not report missed payments in federal disaster areas to limit negative and lasting impact on credit scores
Investing in community infrastructure to support wealth creation
- Partnering to make in-demand-tech jobs accessible to more people
PRESS RELEASE
ACKNOWLEDGEMENT
African American Alliance of CDFIs (Board Chair)
Appalachian Community Capital
Enterprise Community Partners
Financial Health Network
Hope Credit Union
Momentus Capital
National Association for Latino Community Asset Builders
National Coalition for Asian Pacific American Community Development
National Bankers Association
Next Street
Opportunity Finance Network
Policy Link
Prosperity Now
SaverLife
The Resurrection Project
TruFund
Urban Institute
FOUNDING MEMBERS OF THE EOC
Why McKinsey
© 2022 EOC