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May 15, 2014 – NCUA's Community Development Revolving Loan Fund has $1.2 million available for grants to low-income-designated credit unions and is taking applications under four initiatives from June 2 through June 30.

"NCUA's grants to low-income credit unions are wise investments in community development," NCUA Board Chairman Debbie Matz said in a statement Wednesday. "These grants have seeded a range of activities, from new products to technology modernization and staff training."

Eligible low-income credit unions can receive grants ranging from $2,500 to $50,000 under the various initiatives. These grants help credit unions meet the needs of members and communities in economically distressed areas. Grants are available in following four categories:

• Community Development Financial Institution certification – makes credit unions eligible for funding to help serve low-income members;
• collaboration – for long-term and cost-saving partnerships;
• new product/service development – for any new product or service development that helps credit union members and their communities; and
• training – to improve the operations of small credit unions.