ALEXANDRIA, Va. (Nov. 29, 2017) – Twenty-three federally insured, low-income credit unions in 17 states have been awarded $536,000 in grants to support outreach to underserved members, the National Credit Union Administration announced today.
The grants, funded by the Community Development Revolving Loan Fund, will help these credit unions provide financial literacy coaching for members in low-income communities and enhance economic opportunities in underserved communities in several ways:
- Providing micro-loans to small businesses,
- Providing payday alternative loans,
- Supporting workforce development training,
- Supporting the use of innovative technology, and
- Encouraging credit union partnerships with community organizations.
Grants ranged from $15,000 to $25,000. The agency received applications from 87 low-income credit unions requesting more than $1.9 million in grants. A complete list of 2017 NCUA grantees is available online here (opens new window).
The NCUA administers grant funding from the Community Development Revolving Loan Fund. The Fund was established by Congress to offer grants and loans to credit unions serving low-income communities.
Earlier this year, the NCUA awarded more than $1.8 million in grants to low-income credit unions to support leadership development, capacity, and digital services and security.
The NCUA also offers urgent-needs grants (opens new window) for emergency assistance to credit unions year-round, subject to funding availability.