The National Credit Union Administration is asking low-income credit unions that need support to grow, train staff and improve security to consider applying for up to $2 million in assistance grants through the agency's Community Development Loan Fund.
The four eligible initiatives and maximum grant awards are for capacity and growth, cyber security, staff training and student internships.
Credit unions considering growth strategies such as new lending programs and deposit products to grow members' financial service opportunities may apply for up to $15,000 in assistance.
Grants up to $7,000 are available for each eligible credit union to upgrade cyber security and protect member information.
Select credit unions can apply for grants up to $3,000 to pay for training related to operations that include compliance, lending and collections.
Credit unions can use up to $4,000 to hire high school or college students.
Credit unions may submit one application for each initiative using NCUA's
"These grants are important investments in credit unions, their members and their communities," NCUA Chairman Debbie Matz said in a Tuesday news release about the program. "I encourage all low-income credit unions to learn more about the grant program and consider applying."
A full list of eligible grant projects and NCUA's evaluation criteria can be found online
NCUA will hold a 90-minute webinar called "NCUA 2016 Grant & Loan Opportunities" to help CUs learn more about the grant and application processes at 2 p.m. Eastern on May 11. Online registration is available
