NCUA offers urgent needs grants for credit unions affected by COVID-19

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The National Credit Union Administration on Monday announced it was making urgent needs grants available to low-income designated credit unions struggling as a result of the coronavirus.

Grants of up to $7,500 from the regulator’s Office of Credit Union Resources and Expansion are available for the following:

  • Hardware, software or other equipment that can help provide financial products and services from a remote location
  • Consulting services for establishing programs and partnerships aimed at aiding small businesses, schools and others affected by the coronavirus
  • Developing promotional materials to reassure members that deposits at the credit union are insured and safe.

“The NCUA recognizes that the COVID-19 outbreak will affect all federally insured credit unions and their members to varying degrees,” NCUA Chairman Rodney Hood said in a press release. “If you are a low-income credit union that needs assistance during this difficult time, I encourage you to apply for these grants to ensure you can continue to meet the financial needs of your members and communities.”

The agency added that eligible credit unions can also apply for loans from the Community Development Revolving Loan Fund.

More information is available here.

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Crisis Management Disaster recovery Disaster planning Coronavirus NCUA