CCUL Board approves $75k to further improvement grant program for small credit unions
With a commitment to advancing the success of small credit unions, the Carolinas Credit Union League Board of Directors has approved a donation of $75,000 to the Carolinas Credit Union Foundation’s Technology and Capital Improvements Grant Program.
“We are thrilled to be able to provide the Foundation with additional support for the program,” shared League President/CEO Dan Schline. “Small credit union leaders across our two states are working very hard to serve their members and these grants provide extra dollars that make a meaningful difference.”
The donation comes by way of PLR, the League’s for-profit subsidiary, which plays a pivotal role in providing operational support to credit unions, especially small credit unions, from audit and accounting services to human resources consulting.
“PLR is committed to serving small credit unions, and this investment is another way to support their efforts to better serve their members and local communities,” added League and PLR COO Craig Beach.
Since 2021, the Foundation’s grant program has provided tremendous value to small credit unions across North and South Carolina. To date, the program has awarded $160,969 in funds to help grant recipients achieve strategic priorities in the areas of technology and security, capital improvements, outreach to the underserved, and access to consulting services.
PLR’s contribution comes on the heels of a $10,000 donation from Coastal Credit Union and $25,000 donation from State Employees’ Credit Union (SECU).
In August, the Foundation opened the grant application period for 2023 with the plan to award $100,000 in grants (an increase from $80,000 offered in previous cycles). Nineteen applications were received, totaling $236,782 in requested funding. As a result of support from PLR, Coastal, and SECU, the Foundation will be able to increase this year’s award pool beyond the $100,000.
Grant applications for 2023 are under review and recipients are slated to be announced in mid-October.
“Year over year, each grant cycle is proving the needs of small credit unions are growing as they contend with challenges to increase growth, consumer awareness, and member service,” shared Foundation President and CEO Lauren Whaley. “Donations to this fund help to ensure their longevity and success.”
Schline echoes these sentiments, sharing: “I frequently get asked by large credit unions, ‘How can I help small credit unions?’ Providing dollars to this fund is a direct and meaningful way to do just that. Once it’s understood how small credit unions are using the dollars and the level of need that exists, I have no doubt others will jump in to help.”
To donate to or learn more about the Carolinas Credit Union Foundation’s Program Fund, visit carolinasfoundation.org/impact-report.