More than half a million dollars in grants to support outreach to underserved members have been awarded to 23 credit unions in 17 states, the National Credit Union Administration (NCUA) announced Wednesday.
According to the agency, the more than $536,000 in grants will help fund financial literacy coaching for members in low-income communities and “enhance economic opportunities in underserved communities.”
The grants range in size from $15,000 to $25,000, NCUA said in a release, noting that it received applications from 87 low-income credit unions requesting more than $1.9 million in grants.
The credit union regulator said the grants can be used by the credit unions to: provide micro-loans to small businesses and payday alternative loans to members; support workforce development training and use of innovative technology; encourage credit union partnerships with community organizations.
The agency said it awarded earlier this year more than $1.8 million in grants to low-income credit unions to support leadership development, capacity, and digital services and security.