Low-income credit unions seeking support to grow, train staff and improve security should consider applying for Community Development Revolving Loan Fund assistance grants from NCUA.
NCUA will accept grant applications between June 1 and June 30. Interested credit unions may submit one application for all initiatives using NCUA's CyberGrants program. Each credit union may apply for more than one initiative; however, grant awards are subject to the availability of funds.
The four eligible initiatives and maximum grant awards are:
- Capacity and Growth: Credit unions considering new lending programs, deposit products or other growth strategies to increase members' financial service opportunities may apply for up to $15,000 in assistance.
- Cyber Security: Up to $7,000 will be available for each eligible credit union to enhance cyber security and protect member information.
- Staff Training: Grants of up to $3,000 will be available for selected credit unions to pay for training related to credit union operations, including compliance, lending and collections.
- Student Internships: Up to $4,000 will be available to each credit union to hire students enrolled in high school or college.
A full list of eligible grant projects and NCUA's evaluation criteria can be found online at http://go.usa.gov/cukhH (opens new window).