http://www.lscu.coop/content/download/10390/121404/Innovation Grants_for CU Innovations

RELEASE TO NATIONAL CREDIT UNION MEDIA

Contact: Tom Candell 608.231.4398 tcandell@ncuf.coop Jill Stevenson 202.824.6294 jstevenson@ncuf.coop

National Credit Union Foundation Offers New Grants for CU Innovations WASHINGTON, DC (4/19/10)—Credit union organizations are now eligible to apply for new Innovation Grants from the National Credit Union Foundation (NCUF) through June 30.

Innovation Grants are aligned with NCUF’s signature program, REAL Solutions®. However, participation in REAL Solutions is not required to apply for a grant.

NCUF is seeking grant applications in any of REAL Solutions’ five service areas: Education Innovation Grants assist credit union organizations participating in national financial education programs including Biz Kid$ and the National Endowment for Financial Education (NEFE).

Innovation Grants also support other initiatives consistent with the education components of REAL Solutions: financial counseling, product awareness, and staff training.

Transaction Services Innovation Grants support transaction services that help credit unions attract underserved consumers. Examples include check cashing, money orders, pre­paid stored value cards, remittances, second chance/fresh start checking, and tax preparation.

Savings Innovation Grants support programs that help credit union members with low wealth establish and maintain savings. Examples include prize­based savings, safe accounts, savings challenges, and step­up CDs. Credit Innovation Grants support initiatives that help non­prime borrowers build and improve credit through credit unions. Examples include alternative credit reports, citizenship loans, first and last rent loans, flexible loan policies, non­prime used car loans, score builder loans, and thin­file loans.

Homeownership Innovation Grants support responsible programs that help credit union members with lower credit scores qualify as first­time homebuyers. Examples include foreclosure assistance loans, green loans, Home Loan Payment Relief (HLPR) mortgages, Individual Taxpayer ID Number (ITIN) loans, and timely repayment rewards.

Eligible applicants include credit unions, CUSOs, state credit union associations, state credit union foundations, and any other organizations owned or controlled by credit unions.

Applications will not be accepted from organizations outside the credit union movement. “Our grants committee voted unanimously to focus the eligibility this year,” explained NCUF Grants Committee Chairman John Gregoire. “This action ensures that all Innovation Grant dollars will directly benefit the credit union community.”

“We have added a grant application criteria asking, ‘Can your project be replicated by other leagues or credit unions?’” related NCUF Interim Director Tom Candell. “We’re looking to maximize our funding to help credit unions reach new members and deliver innovative services.”

How many grant dollars are available depends on how much credit union organizations invest in the Community Investment Fund (CIF). Those interested in applying for grants and/or investing in the CIF can contact NCUF. #### About the National Credit Union Foundation (ncuf.coop): The National Credit Union Foundation is the US credit union movement’s primary national philanthropic program provider, fundraiser and grant­maker.

NCUF is funded primarily by investments in the award­winning Community Investment Fund (CIF) and by generous Supporters led by the Credit Union National Association, CUNA Mutual Group, Harland Clarke, CO­OP Financial Services, STAR, California & Nevada Credit Union Leagues, Card Services for Credit Unions, and Visa. All NCUF donors provide support that empowers NCUF and state credit union foundations to make a real impact in the credit union community.

NCUF continues to earn the Better Business Bureau seal of approval as an “Accredited Charity” for meeting all 20 BBB Wise Giving Alliance Standards for national charities.