ALEXANDRIA, Va. -- Low-income credit unions seeking Community Development Revolving Loan Fund assistance should give themselves sufficient time to file their applications, the National Credit Union Association said Thursday.
Federal law now requires applicants to register for free with the System for Award Management (SAM) by June 30 of this year. CUs are able to submit a single application for all initiatives using NCUA's CyberGrants program.
Credit unions are still able to apply for multiple grants, however, NCUA notes that grant awards are subject to funding availability.
According to NCUA, the four eligible initiatives and maximum awards are:
- Capacity and growth: Credit unions considering new lending programs, deposit products or other growth strategies to increase members’ financial service opportunities may apply for up to $15,000 in assistance.
- Cyber security: Up to $7,000 will be available for each eligible credit union to enhance cyber security and protect member information.
- Staff training: Grants of up to $3,000 will be available for selected credit unions to pay for training related to credit union operations, including compliance, lending and collections.
- Student internships: Up to $4,000 will be available to each credit union to hire students enrolled in high school or college.
