ALEXANDRIA, Va. (Sept. 13, 2019) – The National Credit Union Administration has awarded $1.9 million in grants to help 155 low-income credit unions increase outreach to underserved communities, improve digital services and security, and train employees.
The NCUA awarded grants ranging from $1,900 to $100,000 to credit unions in 40 states and the District of Columbia. Thirty-one credit unions are first-time grant recipients. Fifty-eight are minority depository institutions.
The NCUA made awards in four categories:
- Underserved outreach: 11 grants totaling $972,742;
- Digital services and security: 73 grants totaling $550,612;
- Training: 46 grants totaling $217,369; and
- Counselor certification: 35 grants totaling $161,925.
The NCUA’s Office of Credit Union Resources and Expansion administers grant funding provided by the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with $22.8 million for these grants.
The Office of Credit Union Resources and Expansion supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.