ASHEVILLE, N.C.—A new Technology and Capital Improvements Grant Program by the Carolinas Credit Union Foundation has been created with a goal of bolstering the service efforts of smaller credit unions by supporting their strategic upgrades.
The initiative was announced by the Foundation during the Carolinas Credit Union League 2021 Annual Meeting in Asheville.
According to the Foundation, the program, aided by a joint contribution of $50,000 by the league and CUNA Mutual Group, is open for applications through August 1 by credit unions of up to $100 million in assets that plan to pursue the following categories and examples of improvements.
- Technology or Security Upgrades: Mobile app development, IT enhancements, compliance with Part 748 of NCUA Rules and Regulations
- Capital Improvements: Computer and voice communications upgrades, facility renovations
- Underserved Outreach: Shared branching, CDFI certification
- Consulting Services: Asset-liability management, strategic planning
‘Big Steps Forward’
“The league and our board of directors appreciate the Foundation’s work in creating this new opportunity for small credit unions to take big steps forward,” Carolinas Credit Union League CEO Dan Schline said. “We and CUNA Mutual Group joined the effort early because we are committed to helping credit unions look beyond any current limitations and envision ongoing success.”
The Carolinas Foundation’s Technology and Capital Improvements Grants will be awarded in August 2021 based on the number and nature of requests received, with a maximum grant amount of $15,000. The Foundation said applications must clearly define intended project goals, objectives, and budget, and grant recipients must outline for the Foundation the fund usage following project completion.
The deadline to apply is Aug. 1.