CUNA supports GGRF applications from credit union organizations

October 16, 2023

CUNA wrote in support of two credit union organizations’ applications for funding under the Environmental Protection Agency’s Greenhouse Gas Reduction Fund. CUNA provided Ecority and Inclusiv with letters of support, which they included with their applications.

The GGRF is a $27 billion competitive grant program to support the capacity of community development financial institutions (CDFIs), minority depository institutions, credit unions, and others to finance cost-saving and pollution-reducing clean technology projects.

Ecority was established to leverage and scale the EPA-administered GGRF through a national network of credit unions and CDFIs.

It filed two applications, one seeking $10 billion for the National Clean Investment Fund, the other seeking $4 billion from the Clean Community Investment Accelerator.

“The unique strength and effectiveness of Ecority’s grant proposal is its leverage of the nation’s network of credit unions, including community development financial institutions. Credit unions are the most effective and efficient partner of the Environmental Protection Agency (EPA) in accomplishing the purposes of the GGRF, in part because of the unique relationship between credit unions and their membership,” wrote CUNA President/CEO Jim Nussle in his letter of support.

“By harnessing the institutional strengths and financial framework of these credit unions and engaging their national network, Ecority has established a strategic plan that will rapidly deliver qualified clean energy projects to low-income and disadvantaged communities and assist credit unions in enhancing capacity and building financial infrastructure to continue to serve these communities for these purposes on an ongoing basis,” he added.

Inclusiv is a certified CDFI intermediary that provides capital, connections, capacity, products, services and advocacy for its member community development credit unions (CDCUs).

“We are pleased to support Inclusiv’s application to the EPA’s Greenhouse Gas Reduction Fund and believe CDCUs will play a critical role in ensuring the program reaches and effectively serves individuals, homeowners, small business owners, and community institutions in low-income and disadvantaged community (LIDAC) areas,” CUNA wrote.