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August 16, 2012

NCUA awards $1.4 million to small CUs

NCUA announced Wednesday that it has awarded $1.4 million in technical assistance grants to more than 100 small credit unions after receiving the highest total funding request in program history.

The funds were made available via the 2012 Community Development Revolving Loan Fund and leftover funds from the previous year. NCUA says it received
331 grant applications with more than $5 million in funding requests.

This year, NCUA's Office of Small Credit Union Initiatives rolled out a new, automated grant system that allows credit unions to apply for multiple initiatives through a single application. The automated system also reimburses credit unions more efficiently, NCUA says.

Bill Meyers, NCUA's director of the Office of Small Credit Union Initiatives, noted that the agency "made a concerted effort this year to make it easier to apply." In the end, the agency saw a 77 percent increase in applications, he said.

NCUA announced that over $1 million of the grant funds will be applied toward new product and/or service development; $120,000 will go toward volunteer income tax assistance; $100,000 will be used to create internships; $71,000 will be put toward training; and the remaining $44,000 will go toward financial education in school branches.

In announcing the awards, NCUA Board Chairman Debbie Matz said that the grant-winning credit unions "are an important part of their communities and their local economies." She added that the funds willhelp "improve the lives of the members and reinforce our community service mission."

A full list of all the grantees is available to view here.

The 2012 Community Development Revolving Loan Fund grant round is now closed.However, NCUA does accept year-round requests for emergency assistance.

Credit unions that did not receive funding this year will receive notice by Sept. 1, the agency said.

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