The NCUA will soon announce its upcoming grant initiatives and the amount of funds available to eligible low-income credit unions as part of the Community Development Revolving Loan Fund grant assistance program.
Now is the perfect time to determine if this type of funding can help your credit union’s strategic objectives and to take the steps necessary to make sure you submit a thorough and complete application. Here are a few useful tips to help you prepare and submit a successful application.
Reviewing Your System of Award Management Account — Credit unions are required to maintain an active status with the System for Award Management (opens new window) when being considered from a grant award. The initial registration and annual recertification process is free. Instructions on how to register can be found on the General Services Administration’s website and in our forthcoming 2018 Grant Round Guidelines. It is important that your information in the System for Award Management be accurate and complete, so don’t wait until the last minute to register or recertify.
You also need to be on the lookout for fraudulent services offering to help you access the System for Award Management for a fee. Several entities have been affected by fraud schemes associated with the registration and recertification process. For additional information about these instances of fraud and the related investigation by the GSA’s Office of Inspector General, visit their website (opens new window).
Understanding the Grant Guidelines — Although it may be time consuming to review everything contained in the grant guidelines, it’s important that you understand the details about each initiative you are applying for. That way, you know what information is needed to submit a successful grant application and you are prepared for the post-grant award activities that are also required.
Serving Your Membership is Priority — Our grant initiatives are designed to help you deliver affordable financial services and products to your members better. Make sure your project description discusses clearly how your members and the communities you serve will benefit.
The NCUA will announce the specific details about the initiatives offered and funding amounts available during our 2018 grant rounds soon. In addition, you can email CUREAPPS@ncua.gov if you have any questions about the grants and loans provided by the NCUA through the Community Development Revolving Loan Fund.