Grants to cover unexpected costs – including for such things as computers, software, consulting services and more – related to providing financial services and assistance to members affected by the coronavirus crisis are available to federally insured, low-income designated credit unions, the federal credit union regulator said Monday.
In a release, the National Credit Union Administration (NCUA) said the “urgent needs grants” of up to $7,500 to the low-income credit unions will be provided by the agency’s Office of Credit Union Resources and Expansion (CURE).
Specifically, the agency said, the grants may be applied to:
- Hardware, software, or other equipment to help them provide financial products and services from remote locations;
- Consulting services to develop programs and partnerships to assist those affected by COVID-19, such as small businesses or schools;
- Development of marketing materials to assure members their insured deposits are safe.
Eligible credit unions may apply for the grants through the agency’s cybergrants portal, the agency said. Loans are also available to the low-income credit unions through the agency’s Community Development Revolving Loan Fund (CDRLF); applications can also be made for those through the portal, NCUA said.