Student Internship and Training Grants Available for Low-Income Credit Unions
ALEXANDRIA, Va. (Dec. 17, 2014) – Low-income credit unions interested in providing staff training or hiring interns in 2015 should consider applying for the first round of technical assistance grants from the National Credit Union Administration.
“NCUA recognizes the unique role that low-income credit unions play in the lives of their members,” NCUA Chairman Debbie Matz said. “NCUA is therefore committed to helping these credit unions to succeed. These grants from the Community Development Revolving Loan Fund will help credit unions improve service through staff training and give internship opportunities to young people who might become the future credit union leaders. I want to encourage all eligible credit unions to consider applying for these grants.”
Congress approved $2 million in funding for the Community Development Revolving Loan Fund for fiscal year 2015, the first funding increase since 2003. The increase returns funding to 1999 levels. President Obama signed the bill into law yesterday.
NCUA will provide at least $360,000 in funding during the first 2015 grant round. Credit unions may apply online here
between Feb. 2 and March 3. Funding will be available for more than 100 low-income credit unions to pay for training staff or volunteers and providing students with hands-on experience in credit unions. Eligible credit unions may apply for both initiatives.
The two grant categories in the first round will be:
- Staff or volunteer training: $3,000 will be available for selected credit unions to pay for in-person or web-based training including, but not limited to, compliance, lending and collections, and business operations. A bid or cost estimate is not required to apply. NCUA is allocating $150,000 for this initiative.
- Student internships: up to $4,000 will be available to each credit union to hire students enrolled in high school or college. Credit unions that receive grants must select intern(s) by June 15, with internships completed by Aug. 14. NCUA is allocating more than $200,000 for this initiative.
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. NCUA’s Office of Small Credit Union Initiatives administers the program. 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, minority depository institutions and credit unions with a low-income designation.
For additional information on NCUA’s grants for low-income credit unions visit the Office of Small Credit Union Initiatives’ webpage or subscribe to FOCUS, the office’s monthly e-newsletter.
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.