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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