ALEXANDRIA, Va.—With a new registration system now required for grant applicants, low-income credit unions seeking Community Development Revolving Loan Fund assistance grants should give themselves adequate time to file, NCUA reminded.
The application deadline is June 30.
Applicants are now required by federal law to register with the government’s System for Award Management. NCUA explained that registration is necessary for the agency to meet federal grant disclosure requirements, and instructions for creating an account and registering the credit union are available on the “Help Documents” section of the Office of Small Credit Union Initiatives’ Grants and Loans information page.
Instructions may also be found on the System for Award Management’s website. There is no registration fee.
Credit unions with questions about registering should contact the Federal Service Desk online or by telephone at 866-606-8220. For questions about the Community Development assistance grants, CUs should contact NCUA’s Office of Small Credit Union Initiatives at oscuiapps@ncua.gov.
NCUA said credit unions may submit one application for all initiatives using NCUA’s CyberGrants program. Each credit union may apply for more than one initiative; however, grant awards are subject to the availability of funds.
The four eligible initiatives and maximum grant awards are:
- Capacity and growth: Credit unions considering new lending programs, deposit products or other growth strategies to increase members’ financial service opportunities may apply for up to $15,000 in assistance.
- Cyber security: Up to $7,000 will be available for each eligible credit union to enhance cyber security and protect member information.
- Staff training: Grants of up to $3,000 will be available for selected credit unions to pay for training related to credit union operations, including compliance, lending and collections.
- Student internships: Up to $4,000 will be available to each credit union to hire students enrolled in high school or college.
A full list of eligible grant projects and NCUA’s evaluation criteria can be found online here.