Overview
Credit unions in the Carolinas are encouraged to apply for this grant if financial support is needed for technology upgrades and capital improvement expenses that will assist the credit union in serving its members.
Grant Cycle
Applications are due August 26, 2022. Winners are notified following the Carolinas Credit Union Foundation’s October 2022 Board meeting.
Eligibility and Grant Categories
Credit unions with $100 million or less in assets are eligible with preference given to credit unions under $50 million in assets. The current financial position and financial need of a credit union will be considered. A credit union cannot apply if a merger is underway with a credit union more than $100 million in assets.
The Foundation will review grant requests for the following:
-
Technology or Security Upgrades
(examples: mobile app development, IT enhancements, compliance with NCUA’s Section 748) -
Capital Improvements
(examples: upgraded computers/phone systems, renovations) -
Underserved Outreach
(examples: shared branching, CDFI certification) -
Consulting Services
(examples: asset-liability management, strategic planning)
Grant Thresholds:
- Grants will be awarded based on the number and nature of the grant requests with a maximum grant award of $15,000.
- No more than one grant per year, per credit union will be awarded under the Foundation’s Technology and Capital Improvements Grant Program.
Other Requirements:
- Projects must have clearly defined goals and objectives.
- Grant requests must be accompanied by a project budget and any other pertinent supporting documentation.
- The recipient credit union must use the grant solely for the purpose stated on the application and will be required to submit a Grant Reporting Summary following the completion of the project outlining how the grant funds were allocated.
- The Foundation reserves the right to withhold future grant funds in the event the funds are misused or the Grant Reporting Summary is incomplete.