ALEXANDRIA, Va.—NCUA has awarded 153 low-income credit unions a total of $520,440 through the first Community Development Revolving Loan Fund grant round in 2015.
NCUA’s Office of Small Credit Union Initiatives (OSCUI) administers the funds, which were awarded for staff and volunteer training ($273,000 in grants) and student internships ($247,440 awarded).
“These grants focus on the future of credit unions,” NCUA Board Chairman Debbie Matz said in a released statement. “They will help train staff and volunteers to provide even better service and introduce the next generation of leadership to the credit union system. NCUA works hard to help credit unions succeed, and investing in current and future staff is a good way to help them do what they do best: serve members and their communities.”
In this round, 344 credit unions submitted grant applications to NCUA with more than $1.7 million in funding requests, the agency stated. A list of grantees is available here.
“These initiatives are down payments on the future,” OSCUI Director William Myers said. “Customer service is a strong suit for credit unions, and staff and volunteer training will help credit unions find ways to up their game. Internships give students a sense of the possibilities of careers in the credit union system and an appreciation of the importance of an affordable financial services alternative to low-income households and communities that lack adequate access to affordable financial products and services.”
Low-income-designated credit unions interested in applying for the second grant round of 2015 are encouraged to participate in the agency’s April 15 free webinar to learn about the initiatives that will be offered. Online registration for the webinar is available here.
Congress established the fund to provide grants and loans to credit unions serving low-income communities. Since 2001, NCUA has received more than $14.8 million in grant funding.