National Credit Union Foundation Approves Nearly $600,000 in Innovation Grants

Every NCUF Grant Dollar Helps Raise $5 to Benefit Credit Union Members

The National Credit Union Foundation's Grants Committee has approved 14 new Innovation Grants worth a total of $577,868.

“We believe these grants will make a real impact on credit union members who need them most,” related Grants Committee Chairman Francois Henriquez, senior vice president/general counsel at US Central. “Consistent with the Foundation's REAL Solutions program, Innovation Grants are designed to help low-wealth families in five critical areas: access to financial education, affordable transaction services, productive credit, sustained savings, and homeownership.”

In addition to the Innovation Grant dollars, the approved applicants are raising a total of $2,899,032 in “leveraged funds.” Leveraged funds include money from partners who will help implement the grants in each credit union’s community.

“This means every $1 in National Credit Union Foundation grant funding is helping to raise another $5 to benefit credit union members,” explained NCUF Deputy Director Steve Bosack.

NCUF funding for 12 of the new grants (totaling $501,500) will come from national dividends on the Community Investment Fund (CIF). The other two grants are made possible through donations to the NCUF Disaster Relief Fund.

These grant dollars will be distributed during the grant period January 1 through December 31, 2008:
  • Guadalupe Credit Union, Santa Fe, New Mexico: $71,600
  • New York Credit Union Foundation and Wisconsin Credit Union League (joint financial education project): $65,550
  • Mission Area Federal Credit Union, San Francisco, California: $63,750
  • Brooklyn Cooperative Federal Credit Union, New York City: $50,000
  • Carter Federal Credit Union, Springhill, Louisiana: $50,000
  • Neighbors Federal Credit Union, Baton Rouge, Louisiana: $46,528 (disaster relief)
  • LA DOTD Federal Credit Union, Denham Springs, Louisiana: $45,000
  • La Capitol Federal Credit Union, Baton Rouge, Louisiana: $45,000
  • Idaho Credit Union League: $36,000
  • Southern Teachers & Parents Federal Credit Union, Baton Rouge, Louisiana: $29,840 (disaster relief)
  • Syracuse Cooperative Federal Credit Union, Syracuse, New York: $25,000
  • Pennsylvania Credit Union Foundation: $25,000
  • Truliant Federal Credit Union, Winston Salem, North Carolina: $14,600
  • Arizona Saves, Phoenix: $10,000
Click here for descriptions of each Innovation Grant project.