State and National Credit Union Foundations Offer Grants with a Focus on Improving Financial Health

The Michigan Credit Union Foundation (MCUF) and the National Credit Union Foundation (NCUF) are both accepting grant applications focused on improving financial health. 

MCUF Community Reinvestment Grants
The COVID-19 pandemic, coupled with the catastrophic flooding in the Midland area, have resulted in significant financial hardships in Michigan, and credit unions have stepped up to help. MCUF funding alone, fueled by cooperative donations from many credit unions and businesses, has provided 29 Community Crisis Grants totaling $102,700 and flood relief funds of $150,000 to supplement credit union investment in addressing these recent financial needs of communities.

“In addition to helping improve financial wellbeing associated with these two challenges, now is the time to look to the foundation to help boost activities that focus on addressing the financial health challenges of underserved people, especially those that arise from racial discrimination and the disproportionate affect COVID-19 has had on people of color,” said MCUF Executive Director Beth Troost.

The MCUF Community Reinvestment Grants focus on improving the financial health of Michigan families and communities through credit union initiatives. Applications are now being accepted. 

Community Reinvestment Grants are available for credit unions, collaborative groups of credit unions and credit union chapters developing or implementing community reinvestment or financial education initiatives and partnerships — especially those assisting underbanked, low income or underserved areas. Grants for small- or large-scale initiatives can be used to assist with your unique credit union activities or to expand on existing programs.  

This MCUF webpage provides information and a listing of grants approved in 2019. $100,000 is available for MCUF Community Reinvestment Grants in 2020 and applications are evaluated and approved as funding is available; applications are encouraged by July 30.  

National Credit Union Foundation “Start at Home” and “Tell Your Story” Grants
The NCUF’s 2020 grant cycle has two opportunities for credit unions, focusing on financial health and wellbeing. 

“If there was ever a time to document what credit unions are doing to improve their members’ and employees’ financial lives, it’s during this crisis,” said NCUF Executive Director Gigi Hyland. “This pandemic has put a glaring spotlight on how many of us are financially fragile. Our grants efforts this year focus on telling the story of how credit unions are meeting that challenge and testing a split deposit intervention with employees to see whether it moves the needle on financial wellbeing.”

The “Start at Home” grants recognize that employees can be equally financially fragile as the members they serve. This grant effort seeks to increase credit union employee financial wellbeing through one discreet savings initiative: Building short term savings through split deposit. 

For the “Tell Your Story” grant, NCUF is seeking credit unions who have financial wellbeing as a key component of their strategy to share their impact stories. The deadline for credit unions to submit their applications for these NCUF grants is July 15, 2020.  

Click here for more information and the grant applications.