The National Credit Union Foundation (the Foundation) has announced two new grant opportunities to bolster credit unions’ ability to offer financial coaching and combat hunger.
Applications for both grants are now open and all credit unions are encouraged to apply.
“Recent data shows that the nation’s financial health continues to worsen through record-high inflation, economic uncertainty and widening wealth gap,” said Chad Helminak, the Foundation’s chief impact officer. “These two grants present a timely and important opportunity for credit unions to strengthen their commitment to improving financial well-being in their communities.”
The Financial Empowerment Through Coaching grant will pay for up to ten credit unions to receive the Pathways to Financial Empowerment service. The service was launched in 2015 by Inclusiv and Neighborhood Trust Financial Partners to help credit unions integrate financial coaching into their operations through best-in-class financial coach training and licensing of a digital platform to track member outcomes.
“We’re excited to partner with the Foundation on this grant to help more credit unions launch and operationalize successful, holistic financial coaching programs,” said Ann Solomon, Inclusiv’s senior vice president. “The need for member-centric financial coaching is clear, but the idea of launching an in-house program can be daunting for any credit union. Pathwayssimplifies the process by delivering interactive, cohort-based training as well as our digital platform to streamline coaching engagements and impact tracking.”
The second grant opportunity will provide credit unions with up to $10,000 to enhance or establish a sustainable financial well-being program focused on addressing the issue of hunger.
Food insecurity affects almost 34 million people nationwide and is one of the key Development Issues the Foundation identifies as a fundamental barrier to achieving financial freedom.
Both grant initiatives are now open for applications. Deadline for submissions is 5 pm Eastern, Friday, Nov. 11, 2022. Successful applicants will formally begin their grant projects in January 2023.
Further information on the individual grant programs and how to apply is available on the Foundation’s website.