WASHINGTON (1/23/14)--Credit unions will be able to apply for a share of $481,000 in technical assistance grants starting on Feb. 3, the National Credit Union Administration noted Wednesday.
Low-income designated credit unions can apply for up to $16,500 in funds to help cover certain costs. Credit unions can receive $10,000 for setting up an online banking system or their first ATM, $7,500 for establishing a mobile banking or online loan and membership application system, $5,000 for setting up an electronic bill pay system, $2,500 to help with Community Development Financial Institution (CDFI) certification, and $2,000 for establishing their first website, among other items.
Applications will be accepted until Feb. 14. NCUA Chairman Debbie Matz encouraged all eligible credit unions to apply.
The NCUA is also offering up to $4,000 to each eligible credit union to hire student interns for the summer of 2014. These internships must be completed by Aug. 31, 2014. Eligible credit unions will be selected by asset size, smallest credit unions first. Credit unions that received student internship funding in 2013 are not eligible for student internship grants in 2014.
Funding for NCUA's grant initiatives is provided by the Community Development Revolving Loan Fund, a fund created by Congress to support credit unions that serve low-income communities. NCUA's Office of Small Credit Union Initiatives administers the program.
For more, use the resource link.