NCUA Grant Applications are due Sept. 1
Credit unions can use funds to build digital services, provide staff with professional development, and reach the underserved.
8/28/18
Credit unions interested in applying for the National Credit Union Association’s Community Development Revolving Loan Fund have until Sept. 1 to apply. The deadline was recently extended from Aug. 18.
The fund focuses on four areas:
- Creating digital relationships with members
- Promoting staff career development
- Improving the financial well-being of individuals in underserved areas
- Low-cost loans
Credit unions interested in applying must be designated as low-income by the NCUA.
Credit unions in the past have used the funding to:
- Expand member services, including ATMs
- Fund a risk-based lending program
- Construct a building to serve members in un-banked areas
- Provide loans to un-banked communities as alternatives to payday loans
- Fund financial education services
- Increase the capacity of the credit union to serve its members
Important Deadlines
- The last day to contact the NCUA staff regarding grants is Aug. 29, 5 p.m. EDT by email at [email protected]
- Grant application deadline is Sept. 1, 11:59 p.m. ED. Applications must be submitted electronically through the NCUA’s CyberGrants System.
- Grant awardees will be announced and notified Oct. 31, (anticipated date) by email from [email protected] and through an official NCUA press release.
More information about the Community Development Revolving Loan Fund can be found online.
Editor’s note: Your Association is a resource in helping you to prepare a solid grant application. John Trull, AVP, Regulatory Affairs, can provide insight and guide you through the process. Contact John by emailing [email protected].
