Grants Up to $7,500, Agency Can Assist Credit Unions with Applications
ALEXANDRIA, Va. (Sept. 24, 2018) – Low-income credit unions sustaining damage from Hurricane Florence are eligible for urgent needs grants up to $7,500 from the National Credit Union Administration to help restore operations.
Credit unions can apply through the NCUA’s CyberGrants management system. Severely affected credit unions may contact their NCUA examiners to apply.
Credit unions may apply for funds to repair or replace credit union office property, machinery, equipment, fixtures, and leasehold improvements. Grant funds may also be used to resume operations, such as reconstructing data or reestablishing network systems. Funds will be provided to the extent that the expenditures requested by the credit union are not reimbursable under an insurance policy.
Credit unions should receive notice of approval within two weeks of application. At that point, they can pay for necessary repairs or replacements and expect to receive their grants within two weeks after submitting a reimbursement request.
Credit unions with questions about the urgent needs grants process can contact CURE by email at CUREAPPS@ncua.gov or by telephone at 703-518-6610.