NCUA Extends MDI Mentoring Grants Application Deadline to Nov. 14
Credit unions eligible to apply for the National Credit Union Administration's minority depository institutions mentoring grants now have until Nov. 14 to submit their applications.
The NCUA will make approximately $100,000 available to low-income credit unions with the MDI designation to support mentoring relationships that allow larger, experienced credit unions to provide guidance to other MDIs to help them better serve low-income and underserved populations.
Interested credit unions can apply through the agency's CyberGrants portal (opens new window). Application guidelines are available online here (opens new window). Staff from the NCUA's Office of Credit Union Resources and Expansion will be available to answer questions about the program through Nov. 10. Credit unions can submit questions to CURE staff by email to CUREAPPS@ncua.gov.
The Community Development Revolving Loan Fund grant and loan program provides funds to low-income credit unions so that they may extend services to their members and improve credit union operations.
What are Grants?
- Grants are reimbursable monetary awards provided to support low-income credit unions. There are several funding initiatives under the grant program each year.
What are Loans?
- The revolving loan fund assists a low-income designated credit union’s efforts in improving members’ financial health and well-being through the availability of loan funds. A credit union may apply for a loan at any time. However, awards are subject to funds availability.
What are the Financial Reports for the Revolving Loan Fund?
- These reports provide preliminary highlights about the financial performance and awards of the Community Development Revolving Loan Fund. They are preliminary and unaudited.
What is CyberGrants?
- CyberGrants (opens new window) is the automated grant management system utilized by NCUA. Here credit unions can apply electronically for grants and/or loans.