WASHINGTON — A three-year-old program of the National Credit Union Foundation extending grants to those of modest means during a tight economic period is witnessing a spike in requests as a result of the poor economy and rise in foreclosures.
"In addition to the number of requests, we're also seeing an increase in the size of the applications–from $49,000 in 2007 to $54,000–as well as witnessing the addition of new states to the program," said Steven Bosack, NCUF deputy director, in detailing the status of the innovation grants program.
Applicants for the grants this year have included 19 CUs plus 10 community-based groups that partner with CUs along with various foundations and state leagues. So far there have been 41 submitted in 2008 compared to 38 for all of last year.
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"Judging from the goals of the grant proposals, the increase reflects credit unions' desire to help more people of modest means," said Bosack, noting the foreclosure category was added this year in light of new market conditions.
NCUF opened this year's innovation grant cycle last April and closed it in June. In light of new conditions, said Bosack, "we added foreclosure prevention as a new category under homeownership grants." He noted also that several of the applications "empower credit unions to help consumers" in this area.
Requests, he said, are higher in every category and now emanate from 23 states, up from 19 a year ago. Total grant requests are at $2.2 million this year compared to $1.8 million in 2007.
There is no limit, he said, to NCUF's maximum grant with the dollar amount based on dividends from the community investment fund. The NCUF's grants committee will meet in September, he said, to evaluate proposals and make funding decisions.
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