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.
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
- 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].