Helps 22 Low-Income Credit Unions Create Working and Learning Opportunities for Students
ALEXANDRIA, VA (May 8, 2013) The National Credit Union Administration today announced the award of $80,000 dollars in grants to 22 low-income credit unions under the Student Internship Grant Initiative.
The Student Internship Grant Initiative provides eligible low-income designated credit unions with up to $4000 dollars in funding for hiring student interns for the summer. The students hired will participate in a variety tasks, including implementing marketing plans, ensuring compliance and assisting with the credit union’s operations.
“A Student Internship Grant makes several good things happen,” NCUA Board Chairman Debbie Matz said. “It provides students with paid work experience and introduces them to credit unions. It also gives credit unions a chance to add some helping hands and to connect with young people, who could be future members or industry leaders. I’m encouraged to see these low-income credit unions take advantage of this opportunity.”
Twenty-two low-income credit unions in 16 states received grants:
|
Credit Union
|
Location
|
Grant Amount
|
|
Alamo Federal Credit Union
|
San Antonio, Texas
|
$4,000
|
|
Community Regional Credit Union
|
Old Forge, Pa.
|
$4,000
|
|
Core Credit Union
|
Statesboro, Ga.
|
$2,000
|
|
Desert Valley Federal Credit Union
|
Ridgecrest, Calif.
|
$2,816
|
|
Everyone’s Federal Credit Union
|
Tucumcari, N.M.
|
$4,000
|
|
First NRV Federal Credit Union
|
Radford, Va.
|
$4,000
|
|
Gold Coast Federal Credit Union
|
Palm Springs, Fla.
|
$2,850
|
|
Hartford Municipal Employee Federal Credit Union
|
Hartford, Conn.
|
$4,000
|
|
Hickory Springs Federal Credit Union
|
Hickory, N.C.
|
$4,000
|
|
High Plains Federal Credit Union
|
Clovis, N.M.
|
$3,900
|
|
JSTC Employee Federal Credit Union
|
Johnstown, Pa.
|
$4,000
|
|
Louisiana Catholic Federal Credit Union
|
Shreveport, La.
|
$4,000
|
|
Orion Federal Credit Union
|
Memphis, Tenn.
|
$4,000
|
|
Pacific Crest Federal Credit Union
|
Klamath Falls, Ore.
|
$4,000
|
|
PHB Employees Federal Credit Union
|
Fairview, Pa.
|
$3,600
|
|
Queens Cluster Federal Credit Union
|
Bayside, N.Y.
|
$3,900
|
|
St. Josephs Canton Parish Federal Credit Union
|
Canton, Ohio
|
$4,000
|
|
U.T. Federal Credit Union
|
Knoxville, Tenn.
|
$4,000
|
|
Ukrainian Self Reliance Federal Credit Union
|
Philadelphia, Pa.
|
$3,900
|
|
Vantage Point Federal Credit Union
|
Hopewell, Va.
|
$3,445
|
|
Washtenaw Federal Credit Union
|
Ypsilanti, Mich.
|
$1,589
|
|
Woodlawn Federal Credit Union
|
Pawtucket, R.I.
|
$4,000
|
Applications were reviewed and grants were awarded on a first-come, first-served basis until funding was exhausted. The response from low-income credit unions to the Student Internship Grant Initiative was strong. NCUA received more than 40 applications for more than $150,000 in funding requests on May 1 alone, the day the application period opened.
NCUA will announce other 2013 Community Development Revolving Loan Fund (CDRLF) grant initiatives in mid-June.
NCUA’s OSCUI administers funding for the Student Internship Grant Initiative, which is provided by Congress for grants and loans to credit unions serving low-income communities. Since 2001, Congress has appropriated $10.4 million for CDRLF grants.
NCUA’s OSCUI 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.
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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
--NCUA--