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OSCUI Now Accepting Grant Applications
Wednesday, June 19, 2013 9:15 AM

The National Credit Union Administration’s Office of Small Credit Union Initiatives (OSCUI) says it is now accepting grant applications through July 12, 2013. The OSCUI expects to award $1.08 million in grants under this funding round. Low-income designated credit unions (LIDs/LICUs) are eligible to apply.

Through the Grant Program, OSCUI provides grants to LICUs to enhance their ability to provide financial services to their low-income members and communities.

Funding for the grants is provided through appropriation by Congress with OSCUI administering the fund.

The following initiatives are available for funding:

Initiative

Description

Maximum Award

Collaboration

For long-term cost-saving collaborations that are scalable and replicable.

 

$24,000

Computer Modernization

For the purchase of hardware and software to convert from manual to computerized operations.

 

$7,500

Financial Capability

For credit unions to improve the financial capability of their communities and open new accounts at the credit union.

 

$10,000

New Location for Home Based CUs

For relocating a home-based credit union to a retail site. Credit unions may apply for funds for planning, acquisition, renovation, equipment and moving costs of the relocation.


$10,000

New Product/Service Development

For projects that develop new products and services to help the credit union better serve its members and the community.

 

$10,000

Staff and Volunteer Training

For small credit unions to offset the cost of training relevant to improving the operations of the credit union.

 

$3,000

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The grant rounds have become increasingly competitive. In 2012, OSCUI received 331 applications with an aggregate request of nearly $5 million. Funds available allowed them to grant a total of $1.4 million to 103 credit unions. Among the uses of the 2012 grant funds was the opening of an in-school branch and providing home and mobile banking services to credit union members.

To help credit unions complete the application, the OSCUI held an informational webinar, "Multi-Initiative Grants for Low Income Credit Unions," last month. The webinar may help credit unions determine the initiatives to best meet their credit union's needs. A recording of the webinar is available on the agency’s website. Please click here to access. The webinar covered:

  • Various grant initiatives;
  • Application process and requirements for funding;
  • How grants can assist with certain operating expenses; and
  • How to use the funds to expand member services and grow the credit union.

The Grant Program converted to an online application system in 2012. Read the "Grants and Loans" column in this issue for guidance on the new system.

For additional information, visit the Grants and Loans section of the NCUA website, at www.ncua.gov/oscui/GrantsandLoans.