Regulator unveils grants for new pilot mentoring program with small, low-income credit unions

Grants of up to $25,000 each for a new pilot mentoring program with small low-income credit unions that are also designated as minority depository institutions were announced Wednesday by the federal regulator of credit unions.

The National Credit Union Administration (NCUA) said the program – the “MDI (minority depository institutions) Mentoring Pilot Initiative, 2019” – will make three to five targeted technical assistance grants to help small institutions establish mentoring programs with larger low-income, MDI credit unions. The larger institutions, NCUA said, can provide expertise and guidance in serving low-income and underserved populations.

The NCUA’s annual Community Development Revolving Loan Fund allocation is providing funding for the pilot program. Grant applications will be accepted Aug. 18 through Sept. 28.

NCUA CyberGrants portal