NCUA rolls out mentoring grants for MDIs

Register now

The National Credit Union Administration is setting aside $125,000 in grant funds for small, low-income credit unions designated as minority depository institutions, the agency announced Monday.

The monies, available through the agency’s Office of Credit Union Resources and Expansion, are available in blocks of up to $25,000 to help small institutions set up mentoring programs with larger CUs with low-income designations in order to facilitate guidance in how to better serve low-income and underserved communities.

“Rural and underserved communities will be especially hard hit by the financial and economic disruptions resulting from the COVID-19 pandemic, and these are the areas that minority depository institutions predominately serve,” NCUA Chairman Rodney E. Hood said in a press release. “This mentoring program provides needed resources to help minority depository institutions continue to support the needs of their members and communities during this difficult time. I encourage eligible credit unions to consider applying for this program.”

The application period opens May 1 and ends June 30, and CURE staff can answer questions about the program until June 25. More information is available here. The regulator began offering the mentoring grants last year.

The agency previously announced up to $4.8 million in loans and grants for CUs with a low-income designation, along with a round of urgent needs grants.

For reprint and licensing requests for this article, click here.
Mentoring Coronavirus NCUA Financial inclusion