ALEXANDRIA, Va. — NCUA on Wednesday said 153 low-income credit unions will receive $520,440 through the first Community Development Revolving Loan Fund grant round in 2015.
NCUA awarded grants for two initiatives: staff and volunteer training ($273,000 in grants awarded) and student internships ($247,440 awarded). In this round, 344 credit unions submitted grant applications to NCUA, with more than $1.7 million in funding requests.
NCUA's Office of Small Credit Union Initiatives administers the funds. Congress established the fund to provide grants and loans to credit unions serving low-income communities. Since 2001, NCUA has received more than $14.8 million in grant funding.
"These grants focus on the future of credit unions," NCUA Board Chairman Debbie Matz said in a statement. "They will help train staff and volunteers to provide even better service and introduce the next generation of leadership to the credit union system. NCUA works hard to help credit unions succeed, and investing in current and future staff is a good way to help them do what they do best: serve members and their communities."
Information on the program and a list of grantees is available online
NCUA said grant applicants have received an e-mail notification and may check their CyberGrants login for their application status. Credit unions that did not receive a grant in 2014 and those with smaller assets received priority for funding.
"These initiatives are down payments on the future," OSCUI Director William Myers said. "Customer service is a strong suit for credit unions, and staff and volunteer training will help credit unions find ways to up their game. Internships give students a sense of the possibilities of careers in the credit union system and an appreciation of the importance of an affordable financial services alternative to low-income households and communities that lack adequate access to affordable financial products and services."
Applications For Second Grant Round
NCUA said low-income-designated credit unions interested in applying for the second grant round of 2015 should participate in the agency's April 15 webinar to learn about the initiatives that will be offered.
Online registration for the webinar is available
Participants also will use this link to log in to the webinar. Registrants should allow pop-ups from this website. The webinar will last 90 minutes. There is no charge.
