Emergency Relief Fund (COVID-19 Response)

Emergency Relief Fund (COVID-19 Response)

Funder: Iowa Credit Union Foundation (ICUF)

Purpose: Support Iowans impacted by the COVID-19 pandemic experiencing financial and health crisis.

Geographic Scope: Iowa (statewide)

Status: First round of grants issued; organization continues to award grants as funds become available

Overview

The COVID-19 pandemic caused disruption to the economy and income of many Iowans. The Emergency Relief Fund provides assistance with one-time, $500 grants to:

Small business owners experiencing financial hardship due to COVID-19

Individuals experiencing financial hardship due to COVID-19

Grant Award Limit: Limited to one grant per household (regardless if small business or individual grant)

Funding Achievements

• 1,165 grants awarded in first round to individuals and small businesses
• $700,000+ in gifts raised
• $25,000 to United Ways of Iowa's 2-1-1 resource
• $25,000 to the Iowa Community Action Association

Needs Assessment

Grant application data from 11,000+ applicants (72-hour application period):

58% had lost employment

51% unable to afford rent/mortgage payments

46% unable to pay utility bills

41% facing food insecurity

28% of individual applicants did not qualify for other assistance programs

42% of small business applicants had closed their businesses

24% of small business applicants did not qualify for other government assistance

Eligibility

For Individuals:

Must have experienced economic hardship as a result of the COVID-19 pandemic

Must be a current member of an Iowa credit union

No minimum length of membership required (must be member at time of application)

Credit union employees who experienced economic hardship are eligible

For Small Business Owners:

Must operate and own a small business that employs less than five people

Annual operating revenue at or below $250,000

Must have experienced economic hardship as a result of the COVID-19 pandemic

Must be a current member of an Iowa credit union

Disclaimer

• Submitting an application does not guarantee funding
• Funding decisions made by ICUF's sole discretion on a first-come, first-serve basis
• Subject to available funds in the Emergency Relief Fund
• Only awarded applicants will be contacted within 1-2 weeks via email
• Funds awarded within 2-3 weeks of funding decision via deposit to grantee's credit union account
• Credit union membership validated prior to awarding funds
• Application information not shared outside ICUF except for membership validation and payment facilitation

Future Use

Should any dollars remain in this fund following COVID-19 response efforts, they will be used for future disaster relief efforts for Iowans in need.

Contact Information

Address: 7745 Office Plaza Drive North, Suite 170, West Des Moines, IA 50266

Phone: 800.860.6180

Email: info@iowacreditunionfoundation.org

Organization Type: 501(c)(3) non-profit