The NCUA announced it will host a May 11 webinar to assist credit unions with the grant application process, which is set to begin June 1 and ends June 30. At stake in the application process is $2 million in grants for low-income credit unions.
The Community Development Revolving Loan Fund assistance grants help low-income credit unions support, grow and train staff, and improve security.
“These grants are important investments in credit unions, their members and their communities,” NCUA Chairman Debbie Matz said. “I encourage all low-income credit unions to learn more about the grant program and consider applying. There is assistance available to help you offer new products and services, train your staff, hire interns or strengthen your cybersecurity.”
Interested credit unions may submit one application for all initiatives at the NCUA's CyberGrants program link here. While credit unions may apply for more than one initiative, grant awards are subject to the availability of funds, according to the NCUA.
The maximum grant awards for the four eligible initiatives are:
•Capacity and growth: Credit unions considering new lending programs, deposit products or other growth strategies to increase members' financial service opportunities may apply for up to $15,000 in assistance.
•Cybersecurity: Up to $7,000 will be available for each eligible credit union to enhance cybersecurity and protect member information.
•Staff training: Grants of up to $3,000 will be available for selected credit unions to pay for training related to credit union operations, including compliance, lending and collections.
•Student internships: Up to $4,000 will be available to each credit union to hire students enrolled in high school or college.
A full list of eligible grant projects and the NCUA's evaluation criteria can be found online here.
The 90-minute webinar, “NCUA 2016 Grant & Loan Opportunities,” will take place on May 11 at 2 p.m. Eastern Time. Online registration is available here.
The webinar will be led by Dominic Carullo, economic development specialist with the NCUA's Office of Small Credit Union Initiatives, and a panel of OSCUI staffers: Geetha Valiyil, OSCUI comptroller; Susan Carter, financial analyst and Ikenna Nwankpa, grant administrator.
The webinar will cover the grant application process and four eligible grant initiatives as well as urgent-needs grants and loans that are available year-round. A 30-minute question-and-answer session will follow.
Participants may submit questions in advance at [email protected]. The subject line of the email should read, “NCUA 2016 Grant Webinar.”
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