In an effort to confront challenges faced by Iowa’s most vulnerable communities, Iowa Credit Union Foundation (ICUF) announced a new initiative to address barriers to financial well-being for minority populations recently.
The three-year $150,000 investment will provide grants to nonprofit organization across the state who work to close racial wealth gaps, expand financial inclusion opportunities, and improve the financial well-being of individuals and communities. The grants will target common barriers to financial inclusion – like access to affordable housing, business ownership, childcare, education, employment, healthcare and more. The first grant cycle begins in early 2024, the foundation said, and more information is forthcoming.
“After releasing the ‘Economic Realities of Communities of Color’ report earlier this year, we knew we had more work to do to address barriers to financial inclusion in Iowa,” Ena Babic Barnes, Executive Director of ICUF, said. “Our team and the Foundation Board are proud to announce this new grant initiative that will help address challenges identified in the report and help more Iowan families access economic opportunities.”
More than $103,000 was raised on Sept. 14 at the ICUF’s annual Benefit Night Fundraiser when the initiative was announced. Founded in 1995, ICUF serves as the philanthropic arm of the Iowa Credit Union League and is focused on being a champion of financial well-being for Iowans through a philosophy of people helping people.