The NCUA announced Wednesday that 22 low-income credit unions have been awarded grants that will pay for student interns this summer.

The credit unions, located in 16 states, received a combined total of $80,000 from the Community Development Revolving Loan Fund.

According to the NCUA's release, competition for the funds was fierce. More than 40 applications for more than $150,000 in funding requests were received on May 1 alone, the day the application period opened.

Applications were reviewed and grants were awarded on a first-come, first-served basis until funding was exhausted, the Alexandria, Va.-based regulator said.

“A Student Internship Grant makes several good things happen,” NCUA Board Chairman Debbie Matz said in a statement. “It provides students with paid work experience and introduces them to credit unions. It also gives credit unions a chance to add some helping hands and to connect with young people, who could be future members or industry leaders. I'm encouraged to see these low-income credit unions take advantage of this opportunity.”

The Student Internship Grant Initiative provides eligible low-income designated credit unions with up to $4,000 in funding for hiring student interns for the summer. The students hired will participate in a variety tasks, including implementing marketing plans, ensuring compliance and assisting with the credit union's operations. A list of the winning credit unions can be viewed on the NCUA's website.