Agency funds 83% of grant requests received from low-income credit unions for $2 million

Grants totaling $2 million to 203 low-income credit unions to help them improve digital services and security, increase outreach to underserved communities and to train employees have been awarded, the federal regulator of credit unions said Wednesday.

In a release, the National Credit Union Administration (NCUA) said the grants were made in three categories:

  • Digital services and security: 141 grants ($1,251,670);
  • Leadership development: 40 grants ($350,760);
  • Underserved outreach: 22 grants ($397,570).

The grants range in amount from $1,300 to $20,000, distributed among credit unions in 42 states and the District of Columbia, NCUA said. Among the 203 credit unions awarded grants, 44 were first-time recipients, and 28 are minority depository institutions.

Overall, the agency said, 243 credit unions made grant requests for $2.5 million (meaning the agency funded 80% of the grant requests it received, and approved grants for 83% of credit unions requesting).

The agency noted that its office of Credit Union Resources and Expansion (CURE) 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 $20.8 million for these grants, the agency said.

NCUA Awards $2 Million in Grants to 203 Low-Income Credit Unions