MADISON, Wis.–A number of credit unions are reporting they have won grants that are being put to work in their communities.
Of the $80,000 distributed by the Wisconsin CU Foundation to 13 credit union in the form of Credit Union Development and Real Solutions grants, Royal Credit Union said itwill use its $6,250 to continue efforts to increase financial literacy and improve financial management in young adults through their “finU” program.
finU is Royal’s new, virtual financial education program specifically for people ages 14-19. RCU said it consists of four different classes designed to help boost financial independence and foster creative financial learning using a virtual format. Attendees can join for one class, all four classes, or anything in between.
Test Required
A post-test is required after each class and individuals that earn a score of 75% or more receive a cash incentive for their participation in the program, RCU added.
“Financial management is a valuable skill for young adults to learn, but words like budget and credit don't typically scream excitement for this age group,” said Financial Education Supervisor Brittany O’Malley. “We wanted to create a fun and engaging program that could provide them with relevant information they can use as they begin to explore their own financial independence.”
According to RCU, the first finU program was held in April through May 2021. It soon became clear that this program had accomplished its goal of getting the attention of young adults across Wisconsin and Minnesota with each session having an average of 94 participants.
‘RISE Loans’ to be Offered
Meanwhile, in Visalia, Calif., Tucoemas Federal Credit Union said it has received the maximum federal grant from the Rapid Response Program (RRP) of $1.8 Million. The grant is intended to help provide capital to CDFI (Community Development Financial Institutions) in areas hardest hit by the Covid-19 pandemic.
Tucoemas said it will use the grant to provide greater access to personal loans up to $5,000 (“RISE Loans”) with an easy application process, and same-day approvals.
The Tucoemas RISE Loans are available to everyone and are intended to inject capital into our communities, the CU said.
“We have all been affected by the pandemic, and now we must rise together in these challenging times,” said CEO Brice Yocum. “This grant allows us to provide even more financial resources to everyone in our community.”
Added CFO Meredith Ritter, “As a Minority Depository Institution this grant gives us additional tools in fulfilling our mission to serve communities that are typically underserved and are experiencing financial setbacks due to the pandemic.