ALEXANDRIA, Va.–NCUA is reminding low-income credit unions interested in providing staff training or hiring interns in 2015 to consider applying for the first round of technical assistance grants from the National Credit Union Administration.
Congress approved $2 million in funding for the Community Development Revolving Loan Fund for fiscal year 2015. NCUA will provide at least $360,000 in funding during the first 2015 grant round. Credit unions may apply online here between Feb. 2 and March 3. Funding will be available for more than 100 low-income credit unions to pay for training staff or volunteers and providing students with hands-on experience in credit unions. Eligible credit unions may apply for both initiatives.
The two grant categories in the first round will be:
- Staff or volunteer training: $3,000 will be available for selected credit unions to pay for in-person or web-based training including, but not limited to, compliance, lending and collections, and business operations. A bid or cost estimate is not required to apply. NCUA is allocating $150,000 for this initiative.
- Student internships: up to $4,000 will be available to each credit union to hire students enrolled in high school or college. Credit unions that receive grants must select intern(s) by June 15, with internships completed by Aug. 14. NCUA is allocating more than $200,000 for this initiative.
Funding for NCUA’s grant initiatives is provided by the Community Development Revolving Loan Fund, a fund created by Congress to support credit unions that serve low-income communities. NCUA’s Office of Small Credit Union Initiatives administers the program. NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.