NCUA Grant Money Available for Low-Income Credit Unions
February 4, 2015
February 4, 2015
The National Credit Union Administration (NCUA) opened its first grant round of 2015 on February 2, setting aside at least $350,000 for low-income credit unions (LICUs) to train staff and hire interns. The 57 LICU-designated credit unions in the Northwest are encouraged to apply before the March 3 deadline.
The grants cover the following:
- Training: $3,000 for selected credit unions to pay for in-person or web-based training for staff or volunteers on topics including (but not limited to): compliance, lending and collections, business software, financial counseling, business management, and credit union governance for board members.
- Student Internships: Up to $4,000 will be available for each selected credit union to hire students enrolled in high school or college for internships. Credit unions that receive grants must select interns by June 15 and conclude internships by August 14. Applicants will be asked for a paragraph on how they will identify and select an intern — examples include posting with college career centers and informing high school counselors. They will also be asked for a brief description on the type of responsibilities that interns will be given, which should assist with professional development.
In order to apply, credit unions must have LICU designation and a composite CAMEL 3 or better. Credit unions that are not yet LICU-designated but are interested in pursuing it are encouraged to contact NWCUA Director of Regulatory Advocacy John Trull (see contact info at the end of this article).
“It really was a pretty easy process if you have all the information readily available,” said Nikki Warner, chief administrative officer for Central Willamette Community Credit Union.
The Association will host a webinar on February 18, during which Kim Faucher, from Trailhead Credit Union will apply for a grant live over the web so that participants can see the whole process. Kim got her start in the financial world as an intern in 1997 while attending Gonzaga University. Registration for the webinar will open on February 10. Those who wish to express interest in the meantime can contact Trull. Credit unions with smaller asset sizes will be considered first, and priority will be given to credit unions that have not previously received an internship or training grant.
Credit unions who have not applied for NCUA grants before will need to register with CyberGrants and get a D&B DUNS number, both quick online processes, before applying. To ensure the application process is fast and efficient credit unions should have on hand: their tax ID number, routing and transit numbers, and an account number into which grant reimbursement funds can be deposited.
Questions about this story? Contact James Pearson: 206.340.4790, email@example.com.