ALEXANDRIA, Va. (4/2/15)--One hundred fifty-three low-income credit unions (LICUs) will receive a total of $520,440 through the first Community Development Revolving Loan Fund (CDRLF) grant round in 2015, the National Credit union Administration announced Wednesday.
The LICUs, which provide affordable financial services to underserved communities, will be able to offer staff training and student internships with the grants that are administered through the agency's Office of Small Credit Union Initiatives.
In this round, 344 credit unions submitted grant applications to the NCUA, and those applications represented more than $1.7 million in funding requests. Of the total awarded this round, $273,000 went to training grants and $247,440 for student internships.
Since 2001, the NCUA has received more than $14.8 million in CDRLF grant funding.
"These grants focus on the future of credit unions," said NCUA Chair Debbie Matz in the announcement. "They will help train staff and volunteers to provide even better service and introduce the next generation of leadership to the credit union system. NCUA works hard to help credit unions succeed, and investing in current and future staff is a good way to help them do what they do best: serve members and their communities."
A list of grantees is available online. Credit unions have received an email notification and may check their CyberGrants login for their application status. Credit unions that did not receive a grant in 2014 and those with smaller assets received priority for funding.
The NCUA encourages LICUs interested in applying for the second grant round of 2015 to participate in a free April 15 agency webinar to learn about the initiatives that will be offered.