Cooperative Development Programs at Credit Unions

Posted by on April 11, 2003

Funding for Cooperative Development Programs at Credit Unions
National Credit Union Foundation

More than $500,000 is available through the foundation’s Callahan Fund for projects in the areas of cooperative development and payday lending alternatives: four three-year grants in the area of cooperative development, three grants for project in urban locations, and one grant for a project in a rural location. Grants will range from $50,000 to $75,000 per project, per year.

To qualify, projects must address three or more of the following issues: financial literacy/homeownership counseling; affordable mortgage lending; partnerships that extend the credit union’s reach into a specific un- or underserved market (geographic, ethnic, or other); credit/debt reduction; Individual Development Accounts; and/or first Accounts services to the unbanked.

One two-year grant will be available in the area of payday lending alternatives. This grant will be for $50,000 per year ($100,000 total) and will be awarded to a project in an urban location. To qualify, a project must provide innovative credit union alternatives/solutions to the growing problem of check-cashers, payday lenders, title loans, and/or other lenders that prey on the poor, the un-banked, the financially illiterate, and others.

All credit unions are eligible to apply for funding. To be considered, projects must focus on improving the financial well being of low-income members: involve partner organizations, local nonprofits, churches, universities, local government entities, and/or other groups with access and resources that will strengthen the project); demonstrate an ability to leverage funds from other community, philanthropic, government, or other sources to maximize benefits and ensure sustainability at the conclusion of NCUF funding; and have potential for replication by other credit unions in other areas.

For complete program and application information, see the NCUF Web site.

For additional RFPs in Community Improvement/Development visit: http://fdncenter.org/pnd/rfp/cat_community.jhtml
Application deadline: June 01, 2003

For more information please contact:
Visit their website: http://www.ncuf.coop/