MADISON, Wis.– UW Credit Union said it will invest $1.5 million to address racial inequities in Madison and Milwaukee through a new fund launched in partnership with United Way of Dane County and United Way of Greater Milwaukee & Waukesha County.
The UW Credit Union Fund for Racial Equity, the credit union said, will address the barriers to economic mobility for people of color, with a “focused goal of funding transformational programming solutions” in Dane, Milwaukee, Waukesha, Ozaukee and/or Washington counties. Specifically, UWCU said, it will support programs that increase financial stability and improve educational outcomes.
“The UW Credit Union Fund for Racial Equity is an extension of our brand mission, “Here for Every You,” said Sheila Milton, UW Credit Union VP-Diversity Equity, and Inclusion. “This fund is about investing in our neighbors in a tangible, meaningful way. This includes improving the financial wellbeing and capability of our Black, indigenous and people of color (BIPOC) community members.”
The $4.2-billion UWCU said the investment totals $1 million for Dane County, where most its members reside–the credit union was chartered to serve the University of Wisconsin-Madison–and $500,000 for the greater Milwaukee area. In addition to focused initiatives that address racial equity, the new fund will also support emergency grants totaling $250,000 across both markets, UWCU said.
It added that emergency funds will assist with COVID-19 relief efforts for underserved communities and help provide a buffer against future crises, so that nonprofits can respond with immediate resources.
‘Increased Attention’
“The pandemic has brought increased attention to the racial disparities that have always existed in our communities,” said Renee Moe, president and CEO of United Way of Dane County. “Communities of color have been hit the hardest – our Black and Latino friends and neighbors are experiencing pandemic-related hardships at nearly twice the rate of the rest of our community. For over three decades, United Way has centered on racial disparities and the work needed to address inequities, but this level of funding and flexibility is a game-changer. And in partnering with our United Way Foundation in making this gift, UW Credit Union has set another example in how they creatively address community needs.”
According to UWCU, traditional funding models often reward well-resourced organizations that can spend ample time on funding applications as well as non-profits with existing financial investors. UW Credit Union said it is seeking to overcome that dynamic through a simplified, equitable process that makes funding more attainable.
A Brief Quiz
In addition to opening the application process with a brief quiz to determine eligibility, the unique funding model shifts the decision-making to a community advisory board comprised of community members and representative UW Credit Union employees, it added.
Beginning March 17, interested applicants will be able apply for funding directly. Local organizations are being encouraged to visit www.uwcu.org/racialequity in advance to learn more. While applicants are not limited to United Way agencies, geographically they must serve Dane, Milwaukee, Waukesha, Ozaukee, or Washington Counties.
Beyond the monetary investment, UW Credit Union said it will support grant recipients with volunteer hours and financial education resources.
UWCU has more than 290,000 members.