ALEXANDRIA, Va. (8/4/14)--On Friday, the National Credit Union Administration announced it awarded $1,051,850 through 204 grants given to 174 low-income credit unions (LICUs).
The funding was given under the second 2014 round of Community Development Revolving Loan Fund grants. The agency's Office of Small Credit Union Initiatives administers the fund, which the U.S. Congress established to provide grants and loans to credit unions serving low-income communities.
The grants can be used for such things as to expanding services to members, training staff and collaborating for greater operational efficiencies.
Also, new product or service grants can fund activities like a credit union building its first website or expanding into mobile banking, online applications, card services or home banking. Staff and volunteer training grants support training on lending and collections, governance, compliance and financial counseling for front-line staff to provide to members.
Certification grants help credit unions to apply to the U.S. Department of the Treasury to become a Community Development Financial Institution. Treasury's CDFI Fund provides resources to financial institutions serving low-income households and communities that lack adequate access to affordable financial products and services.
Use the resource links to access the grantees for this round of CDRLF awards and to read about the NCUA's year-round Urgent Needs grant program for emergency assistance.