NCUA awards $2M in grants to 225 LICUs
ALEXANDRIA, Va. (8/6/15)--The National Credit Union Administration announced its largest grant round ever Wednesday, with more than $2 million going to 225 low-income credit unions.
The grants will be used to help these credit unions expand products and services, open branches, advance digital growth and provide greater security for their members.
NCUA Chair Debbie Matz said a total of 580 credit unions requested more than $9.4 million in the second grant round of 2015.
The agency awarded grants for four initiatives:
Digital growth: 82 grants totaling $735,778 for the development of digital products, 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 protection: 103 grants totaling of $732,818 to assist in efforts such as training, converting debit or credit cards to EMV technology, or obtaining a system’s test or risk assessment;
Building capacity and growth: 14 grants totaling $299,950 to allow credit unions to open new branches in underserved areas or relocate to a nonresidential location from a home-based location; and
- New product and service development: 26 grants totaling $239,400 to permit credit unions to offer a new product or service, such as a member business lending program, installation of a new ATM or an asset-liability management model.
The grants are awarded by the NCUA’s Office of Small Credit Union Initiatives, which administers the Community Development Revolving Loan Fund. Since 2001, the agency has received more than $14.8 million from Congress for grants to low-income credit unions.
The NCUA also offers Urgent Need grants for emergency assistance, which are available all year.