Twenty-three federally insured, low-income credit unions in 17 states have been awarded $536,000 in grants to support outreach to underserved members, NCUA said.
Recipients in Alabama include: Alabama Teachers CU, $7,500; NRS Community Development CU, $3,000; Aod CU, $7,500; New Pilgrim CU, $6,000; Tuscaloosa CU, $10,000; Clarke Educators CU, $7,500; Monroe Education Employees CU, $7,500; People’s First CU, $7,500.
Recipients in Florida include: Calhoun-Liberty Employees CU, $7,500; Country Credit Union, $7,500; Emerald Coast CU, $7,500; Tallahassee-Leon CU, $10,000, FRSA CU, $6,500, First Coast CU, $7,500; Florida State Employees CU, $7,500; Alive CU, $24,000.
The grants are funded by the Community Development Revolving Loan Fund and will help these credit unions provide financial literacy coaching for members in low-income communities and enhance economic opportunities in underserved communities in several ways, the agency said, including:
- Providing micro-loans to small businesses
- Providing payday alternative loans
- Supporting workforce development training
- Supporting the use of innovative technology
- Encouraging credit union partnerships with community organizations
Grants ranged from $15,000 to $25,000. The agency received applications from 87 low-income credit unions requesting more than $1.9 million in grants. A complete list of 2017 NCUA grantees is available online here.
Earlier this year, the NCUA awarded more than $1.8 million in grants to low-income credit unions to support leadership development, capacity, and digital services and security.