$100k in MDI mentoring grants available to eligible credit unions, NCUA says

The federal regulator of credit unions is making $100,000 available for minority depository institution (MDI) mentoring grants to eligible credit unions, the agency announced Wednesday.

The National Credit Union Administration (NCUA) said federally insured credit unions with both the MDI and low-income designations are eligible to apply for the grants between Oct. 11 to Oct. 29. The grants are to support mentoring relationships that allow larger, experienced credit unions the opportunity to provide guidance to other MDIs.

“The expiration of unemployment benefits and foreclosure and eviction moratoriums mean that low-income households and communities of color will face financial stress in the coming months,” NCUA Chairman Todd Harper said in a statement with Wednesday’s release. “The NCUA’s mentoring grants program helps MDI credit unions provide greater opportunities for members to build financial security, make investments in communities, and help to close the wealth gap. I strongly encourage eligible MDIs to apply to this program.”

The grants are through the NCUA’s Community Development Revolving Loan Fund (CDRLF).

NCUA MDI Mentoring Grant Round Reopens Oct. 11

NCUA grants page