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NCUA Makes $1.2M Available in Grants to Low-Income CUs
Friday, May 16, 2014 7:00 AM

The National Credit Union Administration has announced that they will make $1.2 million available to low-income credit unions in the second round of Community Development Revolving Loan Fund grants for 2014. They are accepting applications from June 2 through June 30, 2014.

NCUA's Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, and credit unions with a low-income designation. Each applicant may apply in any of the four grant categories, but the credit union may only receive funding in one category:

  • Community Development Financial Institution Certification—NCUA anticipates awarding 60 credit unions $2,500 each to cover the cost of applying for CDFI certification.
  • New Product and Service Development—Credit unions that want to offer members new electronic services will be eligible for grants up to a preset amount based on the individual product. Total allocation is $652,000, with a maximum award of $7,500 for each successful applicant.
  • Collaboration—NCUA will award four collaboration grants of up to $50,000 each for a total of $200,000. Credit unions may use these grants to establish collaborative relationships for cost-saving projects like back-office operations, vendor due diligence and secondary capital investment pools.
  • Training—Grants of up to $3,000 each will be available to pay for training in compliance, collections and lending, and governance. The total allocation for training grants is $198,000.

NCUA Board Chairman Debbie Matz said, "These grants have seeded a range of activities, from new products to technology modernization and staff training. Because NCUA's grants to low-income credit unions can improve service and support local economies, I encourage all qualified credit unions to apply."

Credit unions can find more information or apply online here.

Funding for NCUA’s grant initiatives is provided by the Community Development Revolving Loan Fund, a fund created by Congress to support credit unions that serve low-income communities. For additional information on NCUA’s grants for low-income credit unions visit the Office of Small Credit Union Initiatives’ microsite here.