About the Iowa Credit Union Foundation
About the Iowa Credit Union Foundation
ICUF Emergency Relief Fund (COVID-19 Response)
The Iowa Credit Union Foundation (ICUF) is committed to supporting Iowans in need during this challenging time of financial and health crisis. In partnership with our credit union community, this fund was established to provide support to Iowans impacted by the COVID-19 pandemic.
How we are helping Iowans
The COVID-19 pandemic has not only impacted our daily lives, but it has also caused a disruption to our economy and the income of many Iowans. The Emergency Relief Fund provides assistance with one-time, $500 grants to small business owners and individuals who are experiencing financial hardship due to the COVID-19 pandemic. Due to the increased need, grant awards are limited to one per household (regardless if a small business or individual grant).
We have also funded the following grants to state-wide organizations:
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$25,000 to United Ways of Iowa's 2-1-1 resource
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$25,000 to the Iowa Community Action Association
What we have learned
The Emergency Relief Fund grant application was open for 72 hours, and during that time we received more than 11,000 applications for assistance. Here are some stats that show the need expressed by this group:
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58% of applicants had lost employment
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51% of applicants are unable to afford rent/mortgage payments
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46% of applicants are unable to pay utility bills
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41% of applicants are facing food insecurity
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28% of individual applicants did not qualify for other assistance programs
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42% of small business applicants have currently closed their businesses
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24% of small business applicants did not qualify for other government assistance programs
How we move forward
The first round of grants have now been issued. Grants have been awarded to 1,165 individuals and small businesses. We will continue our fundraising efforts and award additional grants as we are able.
Grant recipients will be notified via email if a grant is awarded.
Testimonials from Grant Recipients
"Thank you so much for this grant opportunity. This grant will be helping myself and my family by making sure we have food on our table to eat as a family."
- Reyna S.
Eligibility
Eligible individuals of this grant program are those:
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Who have experienced economic hardship as a result of the COVID-19 pandemic, AND
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Who are current members of an Iowa credit union (see list).
Eligible small business owners of this grant program are those:
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Who operate and own a small business that employees less than five people with an annual operating revenue at or below $250,000, AND
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Who have experienced economic hardship as a result of the COVID-19 pandemic, AND
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Who are current members of an Iowa credit union (see list).
Funding
The Emergency Relief Fund would not be possible without the generous donations received from our credit union community. Special thanks to the following credit unions, organizations and individuals for their lead gifts:
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Murray & Amy Williams
All gifts made through this donation portal will be used for emergency relief efforts in response to COVID-19. Should any dollars remain in this fund following the COVID-19 response efforts, they will be used for future disaster relief efforts for Iowans in need.
The Iowa Credit Union Foundation is a 501(c)3 non-profit organization.
Disclaimer regarding this grant program
Submitting an application for this grant does not guarantee grant funding. Funding decisions are made by the sole discretion of ICUF on a first-come/first-serve basis and subject to available funds in the ICUF Emergency Relief Fund. Due to the large number of grant requests, ICUF will only contact awarded applicants within 1-2 weeks of grant submission by contacting the applicant via email. All funds will be awarded through the applicant’s credit union within 2-3 weeks of ICUF’s funding decision through a deposit made into the grantee's credit union account. Credit union membership will be validated prior to awarding grant funds. There is no requirement for length of credit union membership so long as the applicant is a credit union member at the time of grant application submission. So long as they are credit union members, credit union employees who have experienced economic hardship are eligible for this grant.
Information provided on the application will not be shared outside of ICUF, except for membership validation by, and facilitation of payment through, the relevant credit union. Should you have any questions when completing this application, please contact the Iowa Credit Union Foundation at:
info@iowacreditunionfoundation.org or 800.860.6180