NAPERVILLE, Ill. (12/10/14)--The Illinois Credit Union Foundation awarded $29,200 in grants for the final cycle of 2014, bringing the yearly total to $68,850.
Small credit union development (SCUD) grants this cycle totaled $18,050 and were awarded to 10 credit unions. Recipients included:
The foundation also awarded five community service grants totaling $1,150. This program is designed to encourage and reward chapter or credit union participation in local community projects. Credit unions and chapters can qualify for grants by creating, hosting or volunteering at an event. Recipients included:
In addition, three credit unions received marketing and business development grants that totaled $6,500. The recipients were:
Established in 2006, these 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.
Members First Community CU, Quincy, with $44 million in assets, was the recipient of a financial independence and revitalization effort (FIRE) grant. The purpose of the FIRE program is to provide assistance to credit unions to expand their ability to build and maintain viable communities by providing credit and financial services to residents and businesses in low-income and underserved areas of Illinois.
Including the current round of grants and scholarships, the foundation in 2014 has awarded $48,050 in SCUD grants, $3,300 in community service grants, $14,000 in marketing and business development grants, and $3,500 in FIRE grants. Additionally, it awarded $26,323 in scholarships.