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19 Low-income CUs in Cornerstone Region to Use Grants from NCUA for New Product Development and Staff Training
Monday, August 4, 2014 7:00 AM

Nineteen low-income credit unions in the Cornerstone Credit Union League region will be able to expand services to members, train staff and collaborate for greater efficiencies, thanks to grants they’ve received from the National Credit Union Administration.

The NCUA awarded a total of 204 grants to 174 low-income credit unions equaling $1,051,850 during the second round of Community Development Revolving Loan Fund grants in 2014. NCUA’s Office of Small Credit Union Initiatives administers the fund, which Congress established to provide grants and loans to credit unions serving low-income communities.

The NCUA awarded 105 grants totally $693,000 for new product or service initiatives; 76 grants totally $228,000 for staff and volunteer training, and 21 grants totally $52,500 for the CDFI certification initiative. Additionally, the NCUA awarded two collaboration grants totally $78,350.

River Valley Community FCU in Camden, Ark., is one of the grant recipients. The nearly $40.5 million in assets credit union has a membership of about 7,000. They have two branches, and serve a five-county area. The credit union offers online banking and participates in shared branching. 

The $7,500 new product grant from the NCUA will go towards the development of the credit union’s new mobile app. 

“In a recent planning session facilitated by staff from the NCUA’s Office of Small Credit Union Initiatives, our board of directors felt we really needed to have a mobile app in order to reach a younger demographic,” Tammy Passafiume, president and CEO of River Valley Community FCU, tells the Leaguer. “We are just so elated to have received this grant, which will allow us to make this mobile app available to our membership.”

Passafiume says the credit union worked with Cornerstone staff to identify a vendor to help them with the mobile app development.

Other credit unions in the Cornerstone region to receive a grant include:

  • Alpine Community CU, new product grant, $7,500
  • Austin FCU, new product grant, $7,500
  • Central Oklahoma FCU, staff and volunteer training grant, $3,000
  • Empowerment Community Development FCU, new product grant, $5,000
  • First Central CU, CDFI certification grant, $2,500
  • Garland County Educators FCU, staff and volunteer training grant, $3,000
  • Henderson State University FCU, staff and volunteer training grant, $3,000
  • Hurricane Creek FCU, staff and volunteer training grant, $3,000
  • Morning Star FCU, staff and volunteer training grant, $3,000
  • New Mount Zion Baptist Church CU, staff and volunteer training grant, $3,000
  • Quemado FCU, staff and volunteer training grant, $3,000
  • River Town FCU, new product grant, $7,500
  • Service 1st CU, new product grant, $7,500, and staff and volunteer training grant, $3,000
  • Southwest 66 CU, CDFI certification grant, $2,500, and new product grant, $6,000
  • Space City CU, new product grant, $6,000
  • Team Financial FCU, new product grant, $7,500
  • Union Pacific of Arkansas, staff and volunteer training grant, $3,000
  • Windthorst FCU, new product grant, $7,500, and staff and volunteer training grant, $3,000

A list of grantees for the second 2014 grand round is available online here.

NCUA’s Urgent Needs grants for emergency assistance are available year-round, subject to fund availability. More information is available online here.