RALEIGH, N.C.– With a donation of $1 per month by members, State Employees’ Credit Union is reporting its 2.7 million members are making a “powerful impact” in North Carolina’s most economically distressed communities.
To fund SECU Foundation, SECU reassigns to the Foundation the $1 monthly maintenance fee paid by members with a check.
According to the credit union, which is the nation’s second largest, since the SECU Foundation was established in 2004 it has provided $61.4 million to support Tier 1 counties, identified by the N.C. Department of Commerce as the state’s most distressed based on factors such as unemployment, household income, and population growth.
“SECU Foundation has a long-standing commitment to tackling economic and social challenges in North Carolina. We are pleased to support local communities, with a special emphasis on education, housing, healthcare, and human services,” said Bob Brinson, SECU Foundation board chair in a statement. “The Foundation has made a tremendous impact in Tier 1 counties, funding more than $61 million for college scholarships, to help non-profits address pressing community issues, and through low- or no-interest loans for affordable housing and workforce housing projects.”
Types of Support
According to the SECU Foundation, support of Tier 1 communities includes:
- High School and Community College Scholarships. SECU Foundation has provided $30 million in scholarships to students in Tier 1 communities through its People Helping People scholarship programs. At least one student annually from each school district in the state receives a $10,000 scholarship to attend college at one of the University of North Carolina System’s 16 campuses.
- North Carolina’s 58 community colleges receive two $5,000 scholarships to assist 116 students each year. “Through the SECU Bridge to Career Program, which is designed to help remove financial barriers for students seeking to obtain state-regulated or industry-recognized credentials, $500 scholarships are also provided for eligible students at each of the 58 community colleges.”
- Grants to Non-Profit Organizations. SECU Foundation has provided $16.6 million in grants to non-profit organizations focused on supporting Tier 1 counties. In the past two years, the Foundation has awarded grants that directly support residents in Cumberland, Onslow, Pitt, Richmond, Robeson, Rutherford, Scotland, Wayne, and Wilkes counties to address issues ranging from affordable housing and community revitalization to child abuse and homelessness.
Notable Grants & Low Interest Loans
The Foundation said notable grants awarded in the past two years include $2 million to One Place in Onslow County to establish a new child advocacy and resource center; $1.5 million to Aces for Autism, which provides educational and clinical services to children with autism across Eastern North Carolina; and $1 million to Partners in Ministry, which provides housing, education, and community resources to residents in the Sandhills.
In addition, the Foundation said low- or no-interest loans are another way that the SECU Foundation supports affordable housing projects in Tier 1 communities. The Foundation has awarded $14.8 million in loans, with more than 98% of those funds tied to no-interest loans.
A video about the Foundation can be found here.
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