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NCUA Grant Initiative to Provide More than $1 Million to Low-Income Credit Unions

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:

Initiatives Description Maximum Amount
Collaboration For a long-term cost-saving collaboration or partnership that is scalable and replicable. $24,000
New Product / Service Development For projects that develop new products and services to help the credit union serve its members and the community better. $15,000
Financial Capability 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. $10,000
Relocation 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. $10,000
Computer Modernization For credit unions to purchase hardware and software to convert from manual to computerized operations. $7,500
Staff / Volunteer Training For small credit unions to offset the cost of training relevant to improving the operations of the credit union. $3,000
 
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.
For additional information about the 2013 Community Development Revolving Loan Fund Grant Initiative go to www.ncua.gov/OSCUI/GrantsandLoans.
 
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 more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"