New Carolinas Foundation grants to aid small CUs’ tech, capital improvements
A new Technology and Capital Improvement Grant Program by the Carolinas Credit Union Foundation seeks to bolster the service efforts of smaller credit unions by supporting their strategic upgrades, the Foundation announced this month at the Carolinas Credit Union League 2021 Annual Meeting in Asheville.
The program, aided by a joint contribution of $50,000 by the League and CUNA Mutual Group, is open for applications through August 1 by credit unions of up to $100 million in assets that plan to pursue the following categories and examples of improvements.
- Technology or Security Upgrades: Mobile app development, IT enhancements, compliance with Part 748 of NCUA Rules and Regulations
- Capital Improvements: Computer and voice communications upgrades, facility renovations
- Underserved Outreach: Shared branching, CDFI certification
- Consulting Services: Asset-liability management, strategic planning
“The League and our Board of Directors appreciate the Foundation’s work in creating this new opportunity for small credit unions to take big steps forward,” League CEO Dan Schline said of the program. “We and CUNA Mutual Group joined the effort early because we are committed to helping credit unions look beyond any current limitations and envision ongoing success.”
The Carolinas Foundation’s Technology and Capital Improvement Grants will be awarded in August 2021 based on the number and nature of requests received, with a maximum grant amount of $15,000. Applications must clearly define intended project goals, objectives, and budget, and grant recipients must outline for the Foundation the fund usage following project completion.