NCUA awards grant money to LICUs
Aug. 29, 2013 – NCUA awarded $871,597 in grant money to 126 low-income credit unions across the country today, through the 2013 Community Development Revolving Loan Fund.
“Low-income credit unions play an essential role in their communities and supporting their work is a priority for NCUA,” said NCUA Board Chairman Debbie Matz. “The credit unions that receive these grants will be extending outreach, growing membership and improving income.”
NCUA said the grant money would go to many uses, including: setting up electronic banking systems and mobile banking platforms, and working on providing reloadable debit cards and financial literacy for members. The money will also fund development of lower-cost alternatives to payday loans, and online training for credit union staff.
A total of 231 credit unions applied for more than $2 million in grant funds this year.
The Office of Small Credit Union Initiatives administers the Fund, which was established by Congress to assist low-income credit unions.