More time has been allowed – two weeks – for minority depository institutions (MDIs) to apply for mentoring grants, the federal credit union regulator said Friday.
About $100,000 will be made available to low-income credit unions (LICUs) with the MDI designation, the National Credit Union Administration (NCUA) said. The grants, the agency added, allow larger, experienced credit unions to provide guidance to other MDIs to help them better serve low-income and underserved populations.
The original deadline for the grants applications was Oct. 29; the extended deadline is now Nov. 14. The grants are made through the NCUA’s Community Development Revolving Loan Fund (CDRLF).