2010 Information Coming Soon! |
|
 From mid-April through late June, the National Credit Union Foundation accepts applications for grants from credit unions, credit union service organizations, state credit union foundations / leagues, and other credit union-owned organizations. |
|
| Grant projects must be consistent with NCUF's mission to "promote and improve consumers' financial independence through credit unions." |
NCUF funds innovative projects that 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 Biz Kid$ and the National Endowment for Financial Education (NEFE). New Innovation Grants can assist credit union organizations participating in these programs, or other initiatives consistent with the financial education components of REAL Solutions®: providing financial counseling, product awareness, and staff training.
Transaction Services
Consistent with the membership acquisition services of REAL Solutions, new Innovation Grants can support transaction services that help credit unions attract underserved consumers. Examples include check cashing, money orders, prepaid stored value cards, remittances, second chance/fresh start checking, and tax preparation.
Savings
Consistent with the savings-building services of REAL Solutions, new Innovation Grants can support programs that help credit union members with low wealth establish and maintain savings. Examples include prize-based savings, safe accounts, savings challenges, and step-up CDs.
Credit
Consistent with the credit-building services of REAL Solutions, new Innovation Grants can support initiatives that help non-prime borrowers build and improve credit through credit unions. Examples include alternative credit reports, citizenship loans, first and last rent loans, flexible loan policies, non-prime used car loans, score builder loans, and thin file loans.
Homeownership
Consistent with the asset-building services of REAL Solutions, new Innovation Grants can support responsible programs that help credit union members with lower credit scores qualify as first-time homebuyers. Examples include foreclosure assistance loans, green loans, Home Loan Payment Relief (HLPR) mortgages, Individual Taxpayer ID Number (ITIN) loans, and timely repayment rewards.
Click here for descriptions of the latest innovations. |
|
|
| How Many Grant Dollars Will Be Available? | | Innovation Grants are made possible by supporters of the National Credit Union Foundation and members of corporate credit unions who invest in the Community Investment Fund (CIF).
The dollar amount available for grants each year will depend largely on how much credit unions invest in the CIF.
Another key factor is interest rates. When short-term rates are below 4%, the National Credit Union Foundation receives a much lower portion of CIF returns. In 2009, with rates at record lows, NCUF will need to receive funds from more supporters and CIF investors in order to grant at least $350,000.
The Innovation Grant amount awarded to each approved organization can range from $10,000 to $150,000. The average grant is usually around $50,000. |
|
|
|
|
