Low-Income Credit Unions in Areas Affected by Recent Tornadoes May Apply
ALEXANDRIA, Va. (May 1, 2014) – The National Credit Union Administration reminds low-income credit unions in areas of the South and Midwest hit by the recent tornadoes the Urgent Needs Initiative provides grants to help restore operations and repair facilities.
Credit unions with a low-income designation can apply through the Urgent Needs Initiative for emergency assistance grants of up to $7,500 to cover expenses related to natural disasters or other unexpected adverse events. The grants provide funds to these credit unions to repair damages or replace equipment in order to restore services to members.
NCUA accepts applications for this emergency assistance year-round, subject to funding availability. Credit unions with the low-income designation may obtain more information about Urgent Needs Grants or apply for a grant online here
. They may also contact NCUA’s Office of Small Credit Union Initiatives at OSCUImail@ncua.gov
The Urgent Needs Initiative is funded through the Community Development Revolving Loan Fund, which Congress created to support credit unions that serve low-income communities. NCUA’s Office of Small Credit Union Initiatives administers the program.
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.