WASHINGTON — The National Credit Union Foundation's seventh and eighth Innovation Grants for 2008 will assist smaller credit unions manage governance issues and help lower income credit union members escape predatory car loans.
The Innovation Grants support the NCUF's REAL Solutions program. Winning grant applications will fund initiatives in financial education, transaction services, savings, credit or homeownership. NCUF has said that it will give out 14 grants this year.
The effort to help smaller credit unions came in a $30,000 grant to the New Jersey Credit Union League. According to the league, 60% of credit unions in the Garden State have less than $10 million in assets. "It's imperative that these credit unions have the resources to address all the challenges they face," said league President Paul Gentile.
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