Credit Unions: Apply for Grants to Support Your Financial Education Initiatives

Vizo Financial Empowerment Grant

Credit unions: Apply for grants to support your financial education initiatives

Overview

Through the generosity of Vizo Financial Corporate Credit Union, Virginia's credit unions can apply for grants that will fund financial education projects or programs to empower members to reach financial goals and establish a better quality of life. Up to $50,000 annually will be allocated to Virginia, provided the funds are utilized

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Application

The Credit Unions Care Foundation of Virginia and the Carolinas Credit Union Foundation are collaborating on the application process.

The application for Virginia-based credit unions is available here

It is kindly hosted by the Carolinas Foundation.

About the Grants

Grant funds up to $5,000 per credit union will be awarded to implement programs or undertake projects to be completed by the applying credit union, or in collaboration with other credit unions and/or community organizations. Grant funds must be used within 12 months of the distribution of those funds to the credit union.

Grant Timeline and Application Deadline

Submit your grant application no later than March 15, 2024, to be considered for our initial round of grants. Grant winners will be announced in April 2024. Provided funds are still available, the deadline for applications for the second round of grants will be June 14, 2024, with grants awarded no later than July 15, 2024. Grant funds must be used within 12 months of the distribution of those funds to the credit union.

Eligibility and Grant Categories

All credit unions are eligible, with greater consideration given to credit unions with less than $100 million in assets.  The current financial position and financial need of a credit union will be considered.

The Foundation will review grant requests for credit union initiatives that seek to:

• Provide affordable alternatives to costly financial products and services from other providers
• Lessen dependency on predatory financial providers
• Foster financial education and financial literacy
• Enhance personal financial management skills and individuals' capacity to plan for the future
• Increase individual savings and foster wealth-building
• Strengthen individuals' creditworthiness
• Improve the financial well-being of individuals and within the communities served by the credit union

Grant Thresholds

• Grants will be awarded based on the number and nature of the grant requests, with a maximum grant award of $5,000 per credit union.
• No more than one grant per year, per credit union will be awarded under the Vizo Financial Empowerment Grant Program.

Other Requirements

• Projects must have clearly defined goals and objectives to be considered for a grant.
• Grant requests must be accompanied by a project budget and any other pertinent supporting documentation you consider important for those considering your grant application. 
• Projects must be implemented and grant funds utilized by July 31, 2025.
• 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 and used. Testimonials and success stories are encouraged. We hope you'll share your story!
• The Foundation reserves the right to withhold future grant funds in the event the funds are allocated and used for purposes other than those outlined in the application or the Grant Reporting Summary is incomplete.

Contact

Questions can be directed to your League's Mary Amyx, liaison to the League Financial Well-Being for All Committee (mamyx@vacul.org or 800.768.3344, ext. 1630)