NCUA Awards $1.4 Million in CDRLF Grants Following 77-Percent Increase in Applications
August 16, 2012
August 16, 2012
The National Credit Union Administration (NCUA) will disburse a combined $1.4 million in technical assistance grants to help more than 100 small credit unions improve service, train staff and expand community outreach efforts.
The grants of up to $25,000 apiece are provided to credit unions through the NCUA’s Community Development Revolving Loan Fund (CDRLF). NCUA Office of Small Credit Union Initiatives (OSCUI) Director William Myers said the agency “made a concerted effort this year to make it easier to apply for these grants.”
The result was 331 grant applications, marking a 77-percent increase in applications from the previous year and totaling more than $5 million in requested funding. The 2012 CDRLF funding round is the largest total requested since the CDRLF was established and was the first to use the NCUA’s new automated online application process.
The increase in grant applications, Myers said, “shows the depth of commitment these credit unions have to their members and communities.”
The NCUA stated in a press release on Wednesday that grants were awarded under five different initiatives, with more than $1 million of the total funds awarded will go to new product and service development. The breakdown of awarded funding is as follows:
- New Product/Service Development ($1,028,029)
- Volunteer Income Tax Assistance ($119,069)
- Student and Job Creation Internships ($104,598)
- Staff, Official, and Board Member Training ($71,480)
- Financial Literacy and Education in School Branches ($43,824)
“NCUA works hard to support America’s small credit unions,” NCUA Chairman Debbie Matz said, “and these grants are one way of giving them the essential tools they need to do their work.”
The 2012 CDRLF grant round is now closed, except for requests for emergency assistance, which the NCUA accepts year-round, subject to funds availability. Credit unions that did not receive funding this year will receive notice by Sept. 1, 2012. A complete list of grant recipients is available on the NCUA’s website.
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