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New NCUA grants would serve low-income members
ALEXANDRIA, Va. (6/14/10)—There will be new and enhanced National Credit Union Administration (NCUA) grant programs this year to benefit low-income credit union members, the agency’s chairman announced Friday. The grants, which Chairman Debbie Matz said are intended to help credit unions that serve low-income members increase outreach to their local communities, may be used to provide such things as financial education, offer student internships and create jobs at credit unions. In her announcement Matz noted that grants are now available for credit unions to develop plans in order to apply for secondary capital from the U.S. Treasury’s Community Development Capital Initiative. The grants are available through the agency’s Community Development Revolving Loan Fund. “Through the CDRLF, NCUA will also continue to offer loans and grants to help certified low-income credit unions pursue staff and board training; enhance their technology and internal processes; offer the Volunteer Income Tax Assistance (VITA) program; and meet emergency needs,” Matz said. She made her remarks at the 36th annual Serving the Underserved Conference of the National Federation of Community Development Credit Unions in Pittsburgh. Pa. She said there is $1.25 million in available for grants and $6.8 million available for loans through NCUA this year.
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