The National Credit Union Administration has awarded $536,000 in grants to 23 federally insured, low-income credit unions in 17 states in order to “support outreach to underserved members.”
The individual grants ranged in size from $15,000 to $25,000. On the whole, the agency received applications from 87 low-income credit unions requesting more than $1.9 million in grants.
The grants, funded by the Community Development Revolving Loan Fund, will help these institutions “provide financial literacy coaching for members in low-income communities and enhance economic opportunities in underserved communities.”
NCUA also said that, among other things, the grants will be used to provide micro-loans to small businesses; provide payday alternative loans; support workforce development training; support the use of “innovative” technology, and to “encourage” credit union partnerships with community organizations.
The full list of 2017 award recipients (including credit unions which received other grants earlier in the year) can be found here: