Brings total for the year to nearly $69K in grants, $26K in scholarships
NAPERVILLE, IL (December 8, 2014) -- The Illinois Credit Union Foundation (ICU Foundation) has awarded $29,200 in Small Credit Union Development (SCUD); Community Service; Marketing and Business Development; and Financial Independence & Revitalization Effort (FIRE) grants, bringing the total awarded for the year to $68,850.
SCUD grants this cycle totaled $18,050 and were awarded to 10 credit unions. Purposes of the grants included computer software and hardware updates, as well as mobile data capture marketing and new product prepaid cards. The recipients were: First Security Credit Union (Lincolnwood), Joliet Municipal Credit Union (Joliet), Milledgeville Community Credit Union (Milledgeville), NICE Federal Credit Union (St. Charles), Ottawa Highway Credit Union (Ottawa), Park Manor Christian Church Credit Union (Chicago), Shiloh Baptist Federal Credit Union (Waukegan), St. Gregory Parish Credit Union (Chicago), Tazewell County Government Employees Credit Union (Pekin), and Win-Hood Co-Op Credit Union (Chicago).
The Foundation also awarded five Community Service Grants amounting to $1,150. This program is designed to encourage and reward chapter or credit union participation in localcommunity projects. Credit unions and chapters can qualify for grants by hosting an established event, creating an event, or volunteering at an established event. Recipients included: Fieldstone Credit Union (Bradley), MidWest America Federal Credit Union (Danville), and Park Manor Christian Church Credit Union (Chicago). One chapter -- Southern Illinois -- also received this grant. Grants awarded will go toward several projects, including shred days, a blood drive, and a Money Talk Financial Education Project.
In addition, three credit unions received Marketing and Business Development grants that totaled $6,500. The recipients were: NorthSide L Federal Credit Union (Broadview), Unified Homeowners of IL Federal Credit Union (Chicago) and United Equity Credit Union (Decatur). 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. Grant requests this round were for introducing new products , a new Web site and CDFI certification, and marketing a new name, logo and brand.
Lastly, one credit union was a recipient of a Financial Independence & Revitalization Effort (FIRE) grant: Members First Community Credit Union. 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. This credit union will be using its $3,500 grant to offer the Banzai Financial Education Program.
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 Financial Independence and Revitalization Effort (FIRE) grants. In addition, $26,323 in scholarships have been awarded this year.
The Illinois Credit Union League (ICUL) is the primary trade association for credit unions in Illinois and provides its members with compliance and other pertinent operating information, legislative advocacy and educational development opportunities. Membership is open to any credit union operating in accordance with the Illinois Credit Union Act or the Federal Credit Union Act. There are 315 credit unions in Illinois serving almost 3 million members.
Established in 1978 to foster credit union ideals and philosophy throughout Illinois, the Foundation has awarded more than $2.5 million in scholarships, community service grants, assistance for small credit union development, emergencies and natural disasters, limited income credit unions, and community involvement projects.