The NCUA on Friday announced a $4,000 grant for low-income credit unions interested in hiring student interns over the summer.

The agency said it has earmarked a total of $80,000 for the program, enough for 20 awards.

“The Student Internship Grant Initiative provides the next generation with the opportunity to gain professional experience, enhance job skills and learn more about the credit union industry,” said NCUA Board Chairman Debbie Matz.

“Additionally, this initiative allows low-income credit unions to find and groom the industry's future leaders. The infusion of new and diverse talent will assist credit unions to continue to improve their member services,” Matz said.

The NCUA said in its announcement that eligible credit unions must have a low-income designation, be financially viable, and may only use these grants for a student internship. And, credit unions that received a student internship award in 2012 are not eligible for funding this year.

The NCUA will accept applications between May 1 and 20, and said awards will be granted on a first-come, first-served basis until the funds are exhausted.

NCUA has provided funding under the Student Internship Grant Initiative to low-income designated credit unions since 1998. In 2012, the agency awarded 24 credit unions with nearly $106,000 under this program.

Funding for the internship grant initiative is provided by the Community Development Revolving Loan Fund.