Grants of up to $7,500 for low-income credit unions that sustained damage from the recent Hurricane Florence and need to restore operations are available, the federal credit union regulator said Monday.
In a release, the National Credit Union Administration (NCUA) said applications may be made through its CyberGrants management system, but that “severely affected credit unions may contact their NCUA examiners to apply.”
According to the agency, credit unions may apply for funds to repair or replace office property, machinery, equipment, fixtures, and leasehold improvements. The 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,” the agency said.
Notice of grant approval should be received within two weeks of application, the agency said. At that point, NCUA said, the credit unions may 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 should contact the agency’s Office of Credit Union Resources and Expansion (CURE) by email at CUREAPPS@ncua.gov or by telephone at 703-518-6610.