NCUA: Mentoring Grants Available to Help MDIs

$125,000 in Grants Available; Applications Due Between May 1 and June 30

ALEXANDRIA, Va. (April 27, 2020) – Small, low-income credit unions designated as minority depository institutions may apply for mentoring grants from May 1 through June 30, the National Credit Union Administration announced today.

“Rural and underserved communities will be especially hard hit by the financial and economic disruptions resulting from the COVID-19 pandemic, and these are the areas that minority depository institutions predominately serve,” NCUA Chairman Rodney E. Hood said. “This mentoring program provides needed resources to help minority depository institutions continue to support the needs of their members and communities during this difficult time. I encourage eligible credit unions to consider applying for this program.”

The agency’s Office of Credit Union Resources and Expansion will make grants of up to $25,000 available to help small institutions establish mentoring programs with larger, low-income-designated credit unions that can provide expertise and guidance in serving low-income and underserved populations.

Credit unions selected for the mentoring program will participate in NCUA-led group meetings and training relevant to their needs and will share progress on the mentoring partnerships.

Interested credit unions can find applications through the agency’s CyberGrants online portal. Application guidelines are available on the agency’s website. Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the program through June 25. Credit unions should submit questions to staff by email to CUREAPPS@ncua.gov.