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.