WASHINGTON (3/14/14)--The National Credit Union Administration has awarded $517,890 in grants to 127 low-income credit unions in the first 2014 round of its Community Development Revolving Loan Fund program.
The credit unions that receive these grants will be able to offer "more services to members, more resources to their communities and more education for young people interested in financial services careers," NCUA Chairman Debbie Matz said in an agency release.
This round of the grant program will provide:
Thirty-three credit unions with funds to help the development of new products and services for their members;
Forty credit unions with funds to help apply for Community Development Financial Institution certification; and
Fifty-four credit unions with funds to offer internships to local students.
The funds will be administered by the NCUA's Office of Small Credit Union Initiatives.
Grant applications representing a total of $2.3 million in funds were submitted by 320 credit unions.
The agency has received more than $12.8 million in grant funding from the U.S. Congress since 2001. Congress provided the NCUA with $1,144,746 in funding for this year's round.
For the NCUA release and a full list of 2014 first-round CDRLF grant recipients, use the resource links.