Low-income credit unions eligible for grant funding

The National Credit Union Administration will soon make available $2 million in grant money to help low-income credit unions seeking support to grow, train staff, hire interns and improve cyber security.

NCUA will accept applications for Community Development Revolving Loan Fund assistance grants through June 30. Interested credit unions may submit one application for all initiatives using NCUA’s CyberGrants program. Each credit union may apply for more than one initiative, but grant awards are subject to the availability of funds.

The four eligible initiatives and maximum grant 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: Each eligible credit union can apply for up to $7,000 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: Each eligible credit union can apply for up to $4,000 to hire students enrolled in high school or college.

NCUA’s Office of Small Credit Union Initiatives administers the grants. The office also fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.

For more information: visit https://www.ncua.gov/newsroom/Pages/news-2016-april-grant-round.aspx#sthash.Qg9XsA7k.dpuf

By |2019-11-25T08:27:30-06:00June 8th, 2016|Financial Services|0 Comments

Leave A Comment