Individual Awards up to $24,000; Application Period Opens June 17
ALEXANDRIA, Va. (May 21, 2013) – The National Credit Union Administration will provide up to $1.18 million in grants to low-income credit unions as part of the 2013 Community Development Revolving Loan Fund (CDRLF) Grant Initiative.
“These grants provide critical assistance to low-income designated credit unions so they can better meet the evolving financial needs of their members,” said NCUA Board Chairman Debbie Matz. “We encourage all eligible credit unions to apply.”
Eligible low-income designated credit unions can receive grants up to $24,000 in six program categories. Credit unions can apply for multiple initiatives using a single application. NCUA will accept grant applications between June 17 and July 12 and announce awardees at the end of August. To apply online, go to www.cybergrants.com/ncua/applications.
The six categories and the maximum grant awards are:
||For a long-term cost-saving collaboration or partnership that is scalable and replicable.
|New Product / Service Development
||For projects that develop new products and services to help the credit union serve its members and the community better.
||For credit unions to improve financial capability of their communities. This includes implementing integrated personal finance and financial literacy programs that result in improvements in consumers’ financial knowledge.
||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 for the relocation.
||For credit unions to purchase hardware and software to convert from manual to computerized operations.
|Staff / Volunteer Training
||For small credit unions to offset the cost of training relevant to improving the operations of the credit union.
Low-income credit unions can learn more about NCUA’s grant programs by participating in the “Multi-Initiative Grant Webinar” taking place on Wednesday, May 22, at 2:00 p.m. Eastern. Interested credit unions can register for this free webinar here
Funding for these grants is provided by the Community Development Revolving Loan Fund, which Congress established to provide grants and loans to credit unions that serve low-income communities. Since 2001, Congress has appropriated $10.4 million for CDRLF grants. The Office of Small Credit Union Initiatives (OSCUI) administers this fund.
NCUA’s OSCUI 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.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.