The NCUA has awarded $1.4 million in technical assistance grants to more than 100 small credit unions after receiving the highest total funding request in program history, the agency announced Wednesday.
This year, the NCUA received 331 grant applications with more than $5 million in funding requests. Congress provided $1.25 million in appropriated grant funds, and the NCUA combined that with leftover funds from last year.
"We made a concerted effort this year to make it easier to apply for these grants, and we saw a 77% increase in applications," said William Myers, director of the Office of Small Credit Union Initiatives. "That shows the depth of commitment these credit unions have to their members and communities."
OSCUI launched a new, automated grant system that allows credit unions to apply for multiple initiatives through a single application. The automated system also reimburses credit unions more efficiently, the NCUA said.
Most of the grant money – more than $1 million – will be applied toward new product and/or service development, the NCUA said in a release. Another $120,000 will go toward volunteer income tax assistance; $100,000 will be used to create internships; $71,000 will be put toward training, and the remaining $44,000 will be used for financial education in school branches.
"NCUA works hard to support America's small credit unions, and these grants are one way of giving them the essential tools they need to do their work," said Board Chairman Debbie Matz. "These credit unions are an important part of their communities and their local economies. This money goes to work to improve the lives of the members and reinforce our community service mission."
The NCUA has posted a list of grantees on its website.
The 2012 Community Development Revolving Loan Fund grant round is now closed, except for requests for emergency assistance, which NCUA accepts year-round, subject to funds availability.
Credit unions that did not receive funding this year will receive notice by Sept. 1, the agency said.
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