Low-income credit unions can apply for part of $1.18 million ingrant money from the NCUA's Community Development Loan Fundstarting on June 17, the agency announced on Tuesday.
|“These grants provide critical assistance to low-incomedesignated credit unions so they can better meet the evolvingfinancial needs of their members,” said NCUA Board Chairman DebbieMatz. “We encourage all eligible credit unions to apply.”
|The grants will top out at $24,000 this year, $1000.00 less thanlast year's $25,000 limit and the agency has also capped loansfor different categories.
|For example, a grant to develop “a long-term cost-savingcollaboration or partnership that is scalable and replicable” canbring as much as $24,000 but a grant to train staff and volunteerscan bring at most $3,000.
|The categories and their maximum loan amounts are collaboration,$24,000; new product or service development, $15,000; financialcapability (including financial literacy), $10,000; relocation (torelocate a “home-based” credit union to retail site); $10,000;computer modernization, $7,500; staff or volunteer training,$3,000.
|Last year the agency distributed $1.25 million to 103 LICUs andthis year's lower amount reflects the fund's lower appropriation,an NCUA spokesman explained.
|The agency said it will hold a webinar Thursday to explain the application process and creditunions have until July 12 to apply. The application form is online.
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