ICU Foundation provides $11.5K in grants

September 26, 2014

NAPERVILLE, Ill.  (9/29/14)--Seven grants totaling $11,500 have been awarded to Illinois credit unions by the Illinois Credit Union Foundation for small credit union development (SCUD); community service, marketing and business development; and financial independence and revitalization efforts (FIRE).

That brings the total awarded so far this year to $39,400, said the foundation.

SCUD grants, totaling $7,500, went to four credit unions for purposes such as support for an audit and computer, and software and hardware upgrades. Recipients include:

  • Area Educational CU, Mattoon, with $24.3 million in assets;
  • CTAFC FCU, Chicago, with $1 million in assets;
  • District 123 FCU, Oak Lawn, with assets totaling $3.4 million; and
  • Unified Homeowners of Illinois FCU, Chicago, with $292,000 in assets.

Two $500 community service grants, designed to encourage and reward chapter or credit union participation in local community projects, were awarded to $195 million-asset NuMark CU, Joliet, and $52 million-asset South Division CU, Evergreen Park. Credit unions and chapters can qualify for these grants by hosting an established event, creating an event, or volunteering at an established event. NuMark CU will use its grant to support administering the MoonJar Financial Education Program, while South Division CU will host a community shred day.

One credit union--the $10.3 million-asset Northside Community FCU, Chicago--received a $3,000 marketing and business development grant to expand an auto access lending program. These grants, established in 2006, help credit unions with assets up to $30 million to start or expand their outreach efforts. The maximum grant awarded each year is $5,000 per credit union.

The Illinois Credit Union Foundation also noted that Oct. 31 is the last grant-request deadline for 2014, and that it is reviewing scholarships on an ongoing basis while funds last. 

Illinois credit unions and chapters can get online and download grant request forms on the Illinois Credit Union League's website by using the links below.

Illinois Credit Union Foundation grant forms

Illinois Credit Union League