Each year, the National Credit Union Foundation accepts applications for grants from credit unions and organizations that partner with credit unions. Grant projects must be consistent with NCUF's mission to "improve consumer financial independence through credit unions." This year, NCUF plans to fund innovative projects that will help low-wealth members reach life-changing goals in the following five areas: |
|
Financial Education
Ongoing NCUF grant commitments support credit union participation in national financial education programs including BizKid$ and the National Endowment for Financial Education. New Innovation Grants can assist credit unions participating in these programs, or other initiatives consistent with the financial education components of REAL Solutions™: providing staff training, financial counseling, and product awareness.
Transaction Services
Consistent with the membership acquisition services of REAL Solutions™, new Innovation Grants can support credit unions with innovative projects to provide check-cashing, fee-free checking, money orders, remittances, tax preparation, and other needed services to attract underserved consumers.
Savings
Consistent with the savings-building services of REAL Solutions™, new Innovation Grants can support credit unions with innovative projects that promote savings awareness; offer low membership fees; provide safe accounts for new immigrants; and help low-wealth members establish long-term savings.
Credit
Consistent with the credit-building services of REAL Solutions™, new Innovation Grants can support credit unions offering innovative small loans including payday loan alternatives; used car loans that help low-wealth members reach better jobs or higher education; and internal projects such as revising loan policies and building staff awareness in order to better serve people of modest means.
Homeownership
Consistent with the asset-building services of REAL Solutions™, new Innovation Grants can support credit unions offering Home Loan Payment Relief (HLPR) mortgages, homeownership counseling, and other services that help members with lower credit scores become first-time homebuyers. And although credit unions were by no means the cause of the sub-prime mortgage crisis, Innovation Grants can support credit unions’ efforts as part of the solution. For example, grants could help fund foreclosure prevention and affordable refinancing of sub-prime mortgages.
Click here for descriptions of the latest innovations. |
|
|
|
