ALEXANDRIA, Va. (5/9/13)--Twenty-two low-income credit unions in 16 states will receive a combined $80,000 in grants under the National Credit Union Administration's Student Internship Grant Initiative.
The agency grant program provides individual grants of up to $4,000 to help eligible credit unions hire student interns during the summer months. Hired students will help their respective credit unions implement marketing plans, ensure compliance and assist with day-to-day operations, among other tasks.
NCUA Board Chairman Debbie Matz said the grants will give credit unions "a chance to add some helping hands and to connect with young people, who could be future members or industry leaders."
The agency received more than 40 applications requesting upwards of $150,000 in funds on May 1, the first day applications were accepted.
Program funding is provided through the Community Development Revolving Loan Fund, and the grant program is administered by the NCUA's Office of Small Credit Union Initiatives.
Only low-income designated, financially viable credit unions are permitted to take part in the grant program. The grants can only be used for student internship costs, the NCUA said.
Details of other NCUA grant programs will be discussed during a May 22 webinar. (See related story: Grant Initiatives To Be May 22 NCUA Webinar Topic.)
For details on the 22 credit unions that received funding, use the resource link.