Dollar To Small CUs: 'Money's There, Apply'
NCUA Chairman Dennis Dollar is encouraging the nation's approximately 1,000 low-income designated credit unions to consider applying for $1 million in technical assistance grants, or "TAG" grants, from NCUA's Community Development Revolving Loan Fund (CDRLF).
The grants, which typically range from $1,000-$5,000, are more readily available following a $1 million congressional appropriation approved in the FY 2004 federal budget.
"2004 will provide the best opportunity in recent years for low-income credit unions to get needed technical assistance," said Dollar during a joint conference held last week in conjunction with the National Association of State Credit Union Supervisors (NASCUS). "We want to demonstrate to Congress that their faith in this program is justified and that these grants can make a real difference in extending lower cost credit union services to more low-income neighborhoods."
Dollar said that more than $1.7 million in technical assistance grant applications from low-income credit unions were turned down in 2002 and 2003, some because the proposals did not qualify for the program but the overwhelming majority were disapproved because there was insufficient funding for the grants.
Dollar said that low-income designated credit unions can apply for the TAG grants through NCUA's Office of Credit Union Development and that the $1 million must, by statute, be allocated during FY 2004 which ends Sept. 30, 2004.
Following the meeting, Dennis Dollar visited with UCB Credit Union in Salt Lake. Serving the blind and visually impaired, UCB Credit Union uses NCUA's TAGs to serve the unique needs of its 200 members.