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Matching Grants

Build financial strength and reach your goals with our Matched Savings Program. Eligible members can receive grants up to $4,000 for buying a car, becoming a first-time homeowner, or starting/expanding a small business!

What is Matched Savings?

Through this program, eligible participants can get $4 in grant money for every $1 they save. When you save $500 (minimum), you get $2,000. When you save $1,000 (maximum), you get $4,000. You will have 6 months to reach your goal. It’s an awesome opportunity to build a savings habit – and quadruple your money!

Apply Now

Opening November 3, 2025. Applications will be accepted for a limited time only.

Who Can Participate?

You can apply for the Matched Savings Program if you meet all the following criteria:

  • You are a member of Cooperative Federal.
     
  • Your annual household income is at or below the following limits:
    • 1 to 3 person household: $68,686
    • 4 person household: $76,318
    • 5 person household: $82,423
    • 6 person household: $88,528
    • 7 person household: 94,634
    • 8 or more person household: $100,739
  •  You agree to the program guidelines,* including making routine deposits toward a 6-month savings goal, participating in financial education and counseling (see details below), answering our program surveys, and using your combined savings and matching grants toward an eligible asset goal: 
    • Buying a Car
    • First Time Homeownership (Tip: This may be combined with CoopFed’s Homebuyer Dream Program – potentially giving up to $25,300 additional grants toward your down payment!)
    • Small Business Start-up and Expansion

How Does It Work?

First, apply for a spot in the program - opening November 3, 2025.

Next, if your application is approved:

  • Set your savings goal. Your goal can range from $500 (minimum) to $1,000 (maximum).
     
  • Start saving. Make routine deposits to a special savings account at Cooperative Federal (we will help you open this account if your application is approved). You will have 6 months to reach your goal.
    • There is no minimum monthly deposit, but you will need to reach certain minimum milestones to remain in the program.
  • Prepare for success. While you save, attend 3 financial counseling sessions, and complete financial education modules based on your asset goal. These financial empowerment activities will help you stay on track with your savings plan and get ready for your asset goal – for example, by building good credit, creating a budget, working on your business strategy, and more.
  • Get your matching grant. When you reach your savings goal and complete your financial empowerment activities, your grant will be deposited into your account!

Common Questions

 

We understand that emergencies and unexpected expenses happen – and the money you deposit is YOUR money. You can make a withdrawal and remain eligible for a matching grant as long as you’re able to catch up with your savings goal milestones. Those milestones will be established when you join the Matched Savings Program. However, if you miss your milestones and/or cannot save at least $500 in your 6-month savings window, you may be disqualified and removed from the Matched Savings Program.

Yes. There is no minimum monthly deposit, but you will need to reach certain minimum milestones to remain in the program. Those milestones will be established when you join the Matched Savings Program.

Yes. You can change your savings goal as long as it doesn’t go below the $500 minimum goal. You can also change your asset goal, for example, saving for a car instead of saving for a home. We just need you to reach out and let us know, or discuss changes and questions with your financial counselor.

No. At the end of your 6-month savings window, if you complete all the program requirements, your matching grant will be deposited into your account. 

It depends. The goal of the program is to help build a consistent savings habit. We will consider requests for early program completion on a case by case basis.

Our credit union is dedicated to financial inclusion and economic justice in Syracuse communities. We received a grant from a private funder in order to provide this program to our members. The goal of this program is to deliver impactful financial empowerment services in tandem with matched savings to support financial security of members and households within our community.

 

*Matched Savings Program funds are available on a limited basis. Additional eligibility criteria may apply. These requirements are subject to change at any time without notice. Program applications, enrollment, termination, and disbursement of matching grants are at the sole discretion of Cooperative Federal. Applying and enrolling in the program does not guarantee that a matching grant will be awarded. Membership eligibility required.

All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. Contact us for current rates, terms, and conditions.