Low-Income Credit Unions Eligible for Student Internship, Staff Training Grants
ALEXANDRIA, VA (January 14, 2015) -- Low-income credit unions interested in grant assistance from the National Credit Union Administration for internships and training can submit applications beginning Feb. 2.
Credit unions may apply online here between Feb. 2 and March 3. Information about the grant round and application guidelines can be found online here.
NCUA will provide approximately $360,000 to support staff or volunteer training and provide students with hands-on experience in the credit union industry. Eligible credit unions may apply for both initiatives. The two grant categories in the first round of 2015 will be:
- Staff or volunteer training: $3,000 will be available for selected credit unions to pay for in-person or web-based training including, but not limited to, lending and collections, compliance and business operations.
- Student internships: up to $4,000 will be available to each credit union to hire students enrolled in high school or college.
Smaller credit unions and new applicants will receive priority. After evaluating all applications, NCUA will award grant funds until they are exhausted. Credit unions that apply will receive a communication from NCUA in March.
Funding for NCUA’s grant initiatives is provided by the Community Development Revolving Loan Fund. Congress created the fund to support credit unions serving low-income communities. As part of the 2015 Omnibus Appropriations Act, NCUA received $2 million in funding for the Community Development Revolving Loan Fund for 2015, the first increase since 2003.
In addition to administering the fund, NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions and credit unions with a low-income designation. For additional information on NCUA’s grants for low-income credit unions visit the Office of Small Credit Union Initiatives’ webpage or subscribe to FOCUS, the office’s monthly e-newsletter.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.