August 24, 2014

NCUA awards more than $1M LICU grants

Aug. 4, 2014 – NCUA awarded more than $1 million in grants for 174 low-income credit unions in its second round of Community Development Revolving Loan Fund grants for 2014.

NCUA Board Chairman Debbie Matz said, "Low-income credit unions are working very hard to serve their members and communities, and NCUA supports those efforts in many ways, including by awarding these grants. These grants help the credit unions improve people's lives and offer needed affordable financial services."

The largest group of grants – 105 of them – were awarded to support credit unions in offering a new product or service, which NCUA said might include expanding into mobile banking or card services. Other grants will support staff and volunteer training, collaboration projects and certification to become a community development financial institution. The Treasury Department supports CDFIs with resources to serve low-income members and communities.

NCUA said a total of 331 grant requests – for $2,569,740 – have been approved this year. This latest round totaled $1,051,850 in grant funding.