CoVantage Cares Foundation has announced they will kick off a 2-week fund-raising campaign beginning on Tuesday, November 28, which has become known nationally as "Giving Tuesday." Funds generated will be matched with up to $75,000 in contributions from CoVantage Cares Foundation, a public charity established by CoVantage Credit Union. Local non-profit organizations to receive funding from this year's campaign were selected by CoVantage staff and are located throughout several communities served by CoVantage Credit Union.
CoVantage Cares Foundation was established as a way to provide financial support to organizations that serve individuals, especially those experiencing significant financial challenge, and organizations that work to enhance quality of life in communities served by CoVantage Credit Union. According to CoVantage CEO Charlie Zanayed, "I'm proud to say our credit union has a history of supporting local non-profit organizations and living our mission of helping those in need. Because our Giving 2day campaign was such a huge success last year, we wanted to continue our public fundraising effort in 2017 with a much larger match by the CoVantage Cares Foundation. We believe our staff, members, and communities have the potential to raise enough money to match the Foundation's $75,000 grant and as a result we anticipate being able to provide resources that will benefit thousands of local people served by receiving organizations. Please join us by making a Giving Tuesday contribution between November 28th and December 12th at any CoVantage branch.
Charities selected to receive funding from this year's Giving Tuesday initiative and their sponsoring CoVantage branches include: United Way of Langlade County (Antigo); Elcho Food Pantry (Elcho); United Way of Northwoods (Rhinelander and Crandon); SAM25 Homeless Shelter (Shawano); Big Brothers Big Sisters of Northcentral Wisconsin (Wausau, Weston, Rib Mountain, Rothschild); Boys & Girls Club of Portage County (Stevens Point); Friends of Camp Batawagama (Crystal Falls, MI); Iron County Cancer Unit (Iron River, MI); and Marinette-Menominee YMCA (Menominee, MI). CoVantage Cares Foundation will offer opportunities to support additional organizations with future public fund raising initiatives.
For more information about CoVantage Cares Foundation or the Giving Tuesday campaign, go to www.covantagecu.org/cares
CoVantage Credit Union branches and Contact Center will be closed to observe the following: Thanksgiving Day • Thurs., Nov. 23 Christmas Day • Monday, Dec. 25 New Years Day • Monday, Jan. 1
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CoVantage Credit Union is proud to announce they have been awarded a $2 million grant from the U.S. Treasury's Community Development Financial Institution Fund (CDFI). The grant was obtained as result of CoVantage being certified as a Community Development Financial Institution. CDFI grants help provide funding to financial institutions like CoVantage so they can assist in generating economic growth in low-income communities.
The CDFI grant awarded to CoVantage will be used as a loan program to help existing business owners or start-up businesses with the cost of sustaining, expanding, or creating a business. The CoVantage Creates Opportunity program will be combined with $13 million of CoVantage funds to make an even larger pool of resources available to partner with businesses and give them access to this special source of loan funding. Thanks to this grant CoVantage will be able to serve business members, who meet certain criteria, by providing financing opportunities that normally would not be available. It will also help those who would not have been eligible for traditional business loans because of regulatory or conventional lending guidelines.
According to Steve Wilder, SVP Chief Commercial Lending Officer, "CoVantage believes local businesses are a vital part of our communities. The value they provide to the economy provides a positive impact not only through the growth of their business, but also for local communities because of the jobs created by these businesses. We are excited to offer this loan program to give businesses another opportunity to grow and be successful, and we look forward to creating long-term partnerships with them."
This is the third time CoVantage has received a CDFI grant. In 2011, the credit union received a $1.5 million grant designed for homeowners who were in danger of foreclosure and found their existing lender would not work with them even though they had a viable plan. And, in 2015, CoVantage received a $2 Million for CoVantage Creates Homes, a down payment and repair assistance program.
To qualify for a loan through the CoVantage Creates Opportunity program, borrowers must meet certain income limitations and other credit union lending criteria. For more information about the loan program or to apply, contact a CoVantage Commercial Lender at 800-398-2667.