Vizo Financial Empowerment Grant
The National Credit Union Foundation has identified 12 Development Issues that act as barriers to the financial health & well-being for credit union members, staff, and communities. These barriers impact people’s ability to achieve their financial goals and establish a better quality of life.
The CU Foundation MD|DC in partnership with Vizo Financial Corporate Credit Union has established the Vizo Financial Empowerment Grant to support and fund credit union projects that address barriers to the well-being, economic growth and prosperity of credit union members and their communities enabling them to achieve a better quality of life.
Any credit union that is located in Maryland or the District of Columbia and/or is affiliated with the MD|DC Credit Union Association is eligible to apply for a Vizo Financial Empowerment Grant. The current financial position and financial need of a credit union will be considered.
Eligible projects can be completed by a sole credit union, or in collaboration with other credit unions and/or community organizations.
Applications may be submitted at any time. Initiatives must be implemented, and grant funds utilized, within a 12-month period from when the grant is approved.
Grant winning projects must have the potential to create a positive impact on the community served by the proposed initiative. Project initiatives should help credit union members attain financial stability, with a focus on removing barriers to economic and social advancement.
The CU Foundation will review grant requests for credit union initiatives that:
- Reduce dependence on predatory financial providers
- Build and improve personal financial management/saving habits and wealth-building
- Provide financial coaching to help individuals improve their credit worthiness and grow toward financial stability
- Address healthcare access, housing stability, food security or nutrition education
- Provide meal, health or hygiene product distribution programs for students
- Grants will be awarded based on the number and nature of the grant requests, with a maximum grant award of $5,000.
- No more than one grant per year, per credit union will be awarded under the Vizo Financial Empowerment Grant Program.
- Projects must have clearly defined goals and objectives.
- Grant requests must be accompanied by a project budget and any additional pertinent supporting documentation.
- Have an evaluation plan to measure both individual and community impact
- Projects must be implemented, and grant funds utilized, within 12 months from the date of the grant approval.
- The recipient credit union must use the grant solely for the purpose stated on the application and will be required to submit a grant reporting summary following the completion of the project outlining how the grant funds were allocated. Testimonials and success stories are encouraged.
- A credit union may submit another grant request upon completion of any previous grant-funded project and submission of a final report so long as the new grant request is submitted in the subsequent 12-month period following the previous grant.
- The CU Foundation MD|DC reserves the right to withhold future grant funds in the event the funds are missed or the grant reporting summary is incomplete.
Grant Reporting Summary Must Include:
- Overview of the project and detail explaining how grant funds were allocated to achieve the project’s goals
- Testimonials, videos and/or success stories from organizations/individuals who have been the beneficiaries of grant funds
- Impact statement describing tangible, measured achievements resulting from the project.