Funds Support New Products for Members, Internships and CDFI Certifications
ALEXANDRIA, Va. – Low-income credit unions will be able to offer new products, train the next generation of credit union leadership, and gain access to more resources to help their communities with grants awarded by the NCUA.
A total of 127 low-income credit unions will receive a total of $517,890 through the first Community Development Revolving Loan Fund grant round in 2014, including New Jersey’s 1st Bergen FCU, Entertainment Industries FCU, and North Jersey FCU.
NCUA’s Office of Small Credit Union Initiatives administers the funds. Congress established the Revolving Loan Fund to provide grants and loans to credit unions serving low-income communities. Since 2001, NCUA has received more than $12.8 million in grant funding.
NCUA awarded grants for three initiatives. A total of $209,500 was granted to 33 credit unions for the new product or service initiative, $208,390 was granted to 54 credit unions for student internships, and $100,000 was granted to 40 credit unions for the CDFI certification initiative. 1st Bergen FCU received funds for student internships; Entertainment Industries FCU and North Jersey FCU received funds for CDFI Certification.
A list of grantees is available online here. Credit unions have been sent notification by email and may check their CyberGrants login for their application status.
In this round, 320 credit unions submitted grant applications to NCUA with more than $2.3 million in funding requests.
Urgent Need grants for emergency assistance are available year-round, subject to fund availability. More information is available online here.