The Economic Opportunity Coalition (EOC), which includes the Rockefeller, Ford, and Kresge foundations and two dozen corporate partners, has announced that it aims to reach $3 billion in committed deposits from the nation’s largest corporations for community development financial institutions (CDFIs) and minority depository institutions (MDIs).

Launched by the White House in 2022, the EOC has issued a call to action to companies in Investing in America sectors to strengthen domestic supply chains and build wealth for underserved communities. The call includes three components: a commitment of 15 percent of procurement spend to small and disadvantaged businesses in the Investing in America sectors; technical assistance to support success; and submission of disaggregated data reporting of their activities toward achieving those outcomes. In June, the EOC announced that it had reached its goal of $1 billion in commitments from its members for CDFIs and MDIs.

“Historically, community development finance has operated under the assumption that a rising tide lifts all boats. Today’s announcement represents a vehement commitment by the nation’s financial behemoths to reach and help those people with holes in their boats,” said EOC executive director Christopher Weaver. “Instead of over-relying on government programs or philanthropy, the EOC seeks to align the public sector, private sector, and social sector to prove stakeholders can have both mission and margin when investing in underserved communities.”

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