NAPERVILLE, Ill. (8/28/13)--The Illinois Credit Union Foundation recently awarded $23,325 in grants for Small Credit Union Development (SCUD), Community Service, Marketing and Business Development, and Financial Independence & Revitalization Effort (FIRE) grants, bringing the total awarded for the year to more than $75,200.
SCUD grants totaled $6,825 and were awarded to six credit unions. Purposes for the SCUD grants included computer hardware and software, equipment and upgrades, and other operational needs. The recipients were:
The foundation also awarded one $500 Community Service grant. Credit unions and chapters can qualify for grants by hosting, creating or volunteering at an established event. Landmark CU, Danville, will use its grant to initiate a backpack program.
Three credit unions received Marketing and Business Development grants that totaled $8,500. The recipients were:
Established in 2006, the grants help credit unions with assets of up to $30 million to start or expand outreach efforts. The maximum grant award is $5,000 per credit union per year. Grants have financed website upgrades, new services and brand development.
Community Plus FCU, Rantoul, was a recipient of a FIRE grant. The FIRE Program provides assistance to credit unions so they can provide credit and financial services to residents and businesses in low-income and underserved areas of Illinois.
The credit union will use its grant to investigate leveraging a community development financial institutions award to potentially introduce a non-predatory auto loan alternative program in the community.