WASHINGTON (1/20/15)--The National Credit Union Administration reminds low-income credit unions that are interested in grant assistance from the agency that they can submit applications beginning Feb. 2. The grants are for internships and training, and credit unions may apply online until March 3.
The NCUA will provide approximately $360,000 total.
Grants of $3,000 will be available to pay for in-person or web-based volunteer training on topics such as lending and collections, compliance and business operations. Grants of up to $4,000 will be available to credit unions to hire students enrolled in high school or college.
According to the NCUA, smaller credit unions and new applicants will receive priority consideration.
Funding for these grants, and other NCUA grant initiatives, is provided by the Community Development Revolving Loan Fund (CDRLF). As part of the 2015 Omnibus Appropriations Act, NCUA received $2 million in funding for the CDRLF for 2015, the first increase since 2003.
The Credit Union National Association advocated last year for CDRLF funding to be increased.