ALEXANDRIA, Va.–Low-income credit unions interested in grant assistance from the National Credit Union Administration for internships and training can submit applications beginning Feb. 2.
Credit unions may apply online here between Feb. 2 and March 3. Information about the grant round and application guidelines can be found online here.
NCUA will provide approximately $360,000 to support staff or volunteer training and provide students with hands-on experience in the credit union industry. Eligible credit unions may apply for both initiatives. The two grant categories in the first round of 2015 will be:
- Staff or volunteer training: $3,000 will be available for selected credit unions to pay for in-person or web-based training including, but not limited to, lending and collections, compliance and business operations.
- Student internships: up to $4,000 will be available to each credit union to hire students enrolled in high school or college.
Smaller credit unions and new applicants will receive priority. After evaluating all applications, NCUA will award grant funds until they are exhausted. Credit unions that apply will receive a communication from NCUA in March.
Funding for NCUA’s grant initiatives is provided by the Community Development Revolving Loan Fund. Congress created the fund to support credit unions serving low-income communities. As part of the 2015 Omnibus Appropriations Act, NCUA received $2 million in funding for the Community Development Revolving Loan Fund for 2015, the first increase since 2003.
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