NCUA offering grants to mentor MDIs starting Aug. 18
NCUA is offering grants of up to $25,000 for a new pilot mentoring program for small low-income credit unions that are also designated as minority depository institutions (MDIs).
The new program will make three to five targeted technical assistance grants to help these small institutions establish mentoring programs with larger low-income, MDI credit unions that can provide expertise and guidance in serving low-income and underserved populations.
“Minority depository institutions play a crucial role in delivering financial services to people and communities who have been overlooked,” NCUA Board Chairman Rodney Hood said. “This pilot project is an extension of the efforts the NCUA makes through its Minority Depository Institution Preservation Program to provide technical assistance, training, and mentoring opportunities to help these credit unions help their members. I encourage eligible credit unions to consider applying for this new program.”
The NCUA will accept grant applications from Aug. 18 through Sept. 28. Interested credit unions can find applications through the agency’s CyberGrants portal.
Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the pilot program through Sept. 25. Credit unions should submit questions to staff by email to CUREAPPS@ncua.gov.
The NCUA’s annual Community Development Revolving Loan Fund allocation is providing funding for the pilot program.