The UW Credit Union Fund for Racial Equity
The UW Credit Union Fund for Racial Equity
Creating a More Equitable Wisconsin
At UW Credit Union, our mission is to “improve the financial wellbeing of people.” That commitment starts with the 290,000 members we serve and extends to the communities in which they live. Through charitable giving, job creation, sustainable practices and more, UW Credit Union has a rich history of investing in our local communities.
And there is more to be done.
The pandemic has brought increased attention to the pervasive racial disparities in our Madison and Milwaukee communities. Black, indigenous and people of color (BIPOC) are facing barriers to achieving economic mobility and educational opportunities. There are many organizations doing great work to reduce this gap, and we want to help propel transformational programming solutions forward to achieve a more equitable future.
We have established a new fund that seeks to elevate the great community work already in progress: the UW Credit Union Fund for Racial Equity. This fund reflects our commitment to improve the financial wellbeing and financial capability of Black people, indigenous people and communities of color, and in turn, create a more equitable place where everyone can thrive.
To Apply
The first round of applications for the UW Credit Union Fund for Racial Equity will open March 17, 2021. Please revisit this page then for Request for Proposal details and to submit grant applications.
Developed in partnership with United Way of Dane County and United Way of Greater Milwaukee and Waukesha County, the UW Credit Union Fund for Racial Equity is a $1.5 million investment in organizations that remove barriers for people of color by creating financial stability and closing the education achievement gap. This Fund has also earmarked $250,000 for emergency funds to meet immediate needs of racial equity initiatives, including COVID-19 relief for underserved communities.
While well intended, traditional funding models often reward well-resourced organizations that can spend ample time on funding applications. The UW Credit Union Fund for Racial Equity seeks to overcome that dynamic through a simplified, equitable process that makes funding more attainable –while also ensuring funds are directed to organizations poised to make the greatest impact.
The UW Credit Union Fund for Racial Equity relies on the guidance of a Community Advisory Committee comprised of community members and representative UW Credit Union employees. We believe a diverse committee of decision-makers will create more equitable funding outcomes.
UW Credit Union has longstanding relationships with United Way of Dane County and United Way of Greater Milwaukee and Waukesha County. Both organizations have acute understanding of community needs that our Fund will help address, as well as extensive knowledge we relied on while shaping the structure of the Fund.
In addition, each United Way has important infrastructure already in place to facilitate Fund applications and disbursements. Because of this, all Fund applications from organizations that primarily serve the greater Madison area will be submitted to United Way of Dane County, and all applications from organizations that primarily serve the Milwaukee area will be submitted to United Way of Greater Milwaukee and Waukesha County.
Our goal is to make the application process simple. Applicant organizations must support Dane*, Milwaukee*, Waukesha*, Ozaukee and/or Washington counties. Applicants are not limited to United Way agencies. Addressing racial inequity must be the primary focus of the organization and support at least one of the below needs:
Economic Mobility and Financial Stability Qualifying organizations support upstream interventions that improve the financial wellbeing of people, specifically BIPOC communities that have been historically excluded by traditional financial institutions. This includes and encourages capacity-building grants.
Access to Educational Opportunity Qualifying organizations seek to improve educational outcomes for students of color and close the achievement gap. Programming supports the success of BIPOC students by removing barriers to education at all levels, including higher education and vocational training programs that lead to self and/or family-sustaining work. This includes and encourages capacity building grants.
Emergency Funds Qualifying organizations exist to meet immediate and emergent needs that support racial equity/address disparities, including but not limited to immediate COVID-19 relief for BIPOC communities. This includes and encourages capacity-building grants.
Organizations must primarily serve BIPOC communities, with a preference to organizations that support Black and Brown communities. In light of how the pandemic has disproportionally impacted communities of color, this guideline enables us to direct support where it is needed most right now.
The application process begins with a brief quiz to determine eligibility. From there, organizations can select one of the below needs.
COVID Response and Recovery Emergency Funds Demand for emergency funds has spiked during the pandemic. Consequently, organizations that provide emergency relief are seeing their resources quickly exhausted, leaving vulnerable communities at risk of eviction, food insecurity and more. The UW Credit Union Fund for Racial Equity seeks to bridge this gap with the COVID Response and Recovery Emergency Funds option, which can be quickly processed for immediate grants up to $10,000.
Grant Application Organizations that don’t fall under the above category, and/or organizations that seek more than $10,000, can apply for a Racial Equity Grant. These applications will require a written proposal. Once submitted, applications will be evaluated by the Community Advisory Committee. If an application is approved, United Way will disburse the funds. Grant sizes are unique to the specified needs and intended action plan of the applying organization.
Our partners at United Way will receive all applications and deliver them to the Community Advisory Committee. The Committee will review and make funding recommendations to UW Credit Union. Once UW Credit Union signs off on funding decisions, United Way will disburse funds.
As a part of our partnership, United Way is assembling a Community Advisory Committee comprised of community members and representative UW Credit Union employees.
Emergency Fund Requests are a one-time gift of up to $10,000. The general fund awards grants for up to two years, with an annual maximum of up to $25,000 per organization, for a total of up to $50,000 over two years. Organizations are also welcome to collaborate in a joint proposal to apply for a greater amount. Collaborative applications (of at least three organizations) can receive up to $100,000 per year, for a total of up to $200,000 over two years.
