Montana CUs Put Together $65,000 In Outside Grants For REAL Solutions

Published August 13, 2007, 1:00 a.m. EDT

Updated August 27, 2020, 1:43 a.m. EDT

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HELENA, Mont. - Approximately $65,000 in outside grants has been assembled by Montana Credit Unions for Community Development, which will use the funds to help consumers across the state who have been unable to start saving or owning assets. The Montana credit unions are participating in the REAL Solutions program offered by the National Credit Union Foundation, which is also being used by nearly 300 credit unions in 19 states. According to the NCUF, in most states, credit union leagues are using their own funds and/or state returns from the Community Investment Fund to cover nominal REAL Solutions implementation expenses. Montana is the first to add resources to the program by attracting funding from outside the credit union community.

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"We commend this creative funding approach," said NCUF Executive Director Steve Delfin. "By raising outside grant dollars to implement REAL Solutions, Montana Credit Unions for Community Development will be able to add value, both in terms of financial resources and human resources, for credit unions and consumers."

MCUCD Executive Director Jeanne Saarinen said funds for the project are being provided by the Kellogg Foundation and Consumer Credit Counseling Services of Montana, which are providing $45,000 to hire staff and enroll in REAL Solutions; and the Montana Homeownership Network (an affiliate of Neighborworks Great Falls), which is providing $20,000 toward a guarantee fund to offset a percentage of the credit union losses associated with offering payday loan alternatives. Under the agreement, the NCUF and MCUCD will train not-for-profit credit unions to provide payday loan alternatives and other innovative financial services that "low-wealth" families can afford.

MCUCD has hired Robert Coble as programs support coordinator. Coble is completing his year as an AmeriCorps*VISTA member with Montana Legal Services Association, where he worked on a consumer law project.