GREENSBORO, N.C.–Saying it is acting in support of thesixth cooperative principle of concern for community, Vizo Financial said it will be $1 million to provide financial empowerment grants for credit unions.
According to Vizo Financial, its Empowerment Grants Program will begin in September 2023 as part of a five-year plan to disperse funds to credit union foundations so that they can help natural person credit unions “build financial literacy programs that not only benefit, but empower, their members and, ultimately, their communities.
‘Empowerment Through Education’
“Financial literacy is important to the credit union movement because it provides empowerment through education for consumers and shapes relationships built on trust between credit unions and their members,” said David Brehmer, president/CEO of Vizo Financial. “At Vizo Financial, we want to help foster these relationships and members’ knowledge, which is why we created this program to give credit unions the funds they need to enrich their financial literacy offerings.”
Vizo Financial said funds will be allocated on an annual basis to the Carolinas Credit Union Foundation, CrossState Credit Union Foundation, The Credit Union Foundation of Maryland and the District of Columbia, and the Credit Unions Care Foundation of Virginia, which are the state credit union foundations that serve the majority of Vizo Financial members.
How Program Will Work
Vizo Financial said the grants program will work this way:
- The foundations will administer the grants by accepting credit union applications, approving grant requests and providing summary reporting on the impact of each project
- In the reporting phase, foundations will be asked to share metrics on how the funds are being used and their impact, as well as meet goals and objectives set forth by the program
- Vizo Financial will then re-evaluate how the funds are utilized by the participating foundations and will reallocate grant money as necessary over the life of the program.
Grant Availability
Vizo Financial said the grants will be available to all member credit unions, as well as other credit unions within its region who meet certain criteria and agree to the terms and conditions of the program.
“The Vizo Financial board is comprised of credit union executives from various asset sizes, niches and communities, which means we have a collective understanding of the value of financial literacy for members,” said Board Chair Scott Woods. “We feel passionate about offering these grants and providing for a potential $1 million impact toward financial empowerment initiatives, which, we believe, will impart a lasting legacy in the communities we all serve.”
Enhancing Financial Lit
Added Erin Doan, diversity equity and inclusion director for Vizo, “As the facilitator of the program, I look forward to working with credit union foundations to enhance the financial literacy resources available to credit unions. By focusing on financial education and empowerment, we can help people achieve their goals for a better quality of life and establish credit unions and their employees as trusted financial partners within their communities. I think I can speak for our entire organization when I say we’re excited to see the positive impact it has on credit unions and their members.”
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