ALEXANDRIA, Va. (5/19/15)--Up to $2 million in grants will be available to low-income credit unions in the second round of the National Credit Union Administration Community Development Revolving Loan Fund, the agency announced Monday.

Applications will be accepted from June 1 through 5 p.m. (ET) June 30.

NCUA Chair Debbie Matz said the grants are meant to help low-income credit unions offer expanded products and services, open branches and provide greater security for their members.

The grants fall under four initiatives:

• Building capacity and growth. NCUA plans to award grants up to $24,000 to credit unions interested in opening a new branch in underserved areas or relocating from a home-based to a non-residential location;
   
• Digital growth. Up to $10,000 will be available for each eligible credit union to offer digital products to members, such as electronic bill payment, an interactive website, mobile or home banking, electronic or digital signatures, mobile or online loan applications and remote deposit capture;
   
• Fraud prevention and cybersecurity. Up to $7,500 will be provided to each eligible credit union to assist in developing its fraud prevention and cybersecurity efforts. Credit unions may use funds for cybersecurity training, to convert debit or credit cards to EMV technology, or obtain a system’s test or risk assessment; and
   
• New product service development. NCUA plans to award individual grants of up to $10,000 to credit unions that want to offer a new product or service such as implementation of a member business lending program, installation of a new ATM or an asset-liability management model.

Congress approved $2 million this year for NCUA’s Community Development Revolving Loan Fund, the single largest technical assistance appropriation in the history of the fund.

 More information, including the online application, is available on the NCUA’s website.