The NCUA said its first round of grants for low-income credit unions will support their efforts to train staff and volunteers and to provide students with internship opportunities.

The agency will provide at least $360,000 in funding during the first 2015 grant round. Credit unions may apply on the NCUA's website Feb. 2 through March 3.

In addition, the NCUA said it may provide funds to more than 100 low-income credit unions.

The grants of up $3,000 for selected credit unions can be used to pay for in-person or web-based training including, but not limited to, compliance, lending and collections, and business operations. The NCUA said a bid or costs estimate is not required to apply. The agency is allocating $150,000 for this initiative.

NCUA grants of up to $4,000 will also be available to credit unions to hire students enrolled in high school or college. Credit unions that receive the grants must select interns by June 15, with internships completed by Aug. 14. The agency said it is allocating more than $200,000 for this initiative.

According to NCUA Chairman Debbie Matz, the regulator recognizes the unique role that low-income credit unions play in the lives of their members.

“NCUA is therefore committed to helping these credit unions to succeed,” she said. “These grants from the Community Development Revolving Loan Fund will help credit unions improve service through staff training and give internship opportunities to young people who might become the future credit union leaders.”

Matz encouraged eligible credit unions to consider applying for the grants.