Small, low-income credit unions certified as minority depository institutions now have until July 31 to apply for Minority Depository Institutions (MDI) mentoring grants from the NCUA. The NCUA will make grants of up to $25,000 to help small institutions establish mentoring programs with larger, low-income-designated credit unions that can provide expertise and guidance in serving low-income and under-served populations.
“Smaller, low-income credit unions face the challenge of helping those with modest means,” said Jordan Burroughs, vice president of member engagement. “Having mentors to provide tips or give insight into problems and solutions can be very helpful.”
Interested credit unions should review the agency’s mentoring grants guidelines, and must have an account with the General Services Administration’s System for Awards Management. Eligible credit unions can apply through the NCUA’s Cyber Grants online portal.
Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the program through July 29. Credit unions should submit questions to staff by email to firstname.lastname@example.org.