The NCUA is offering urgent needs grants to federally insured, low-income designated credit unions that experience unexpected costs related to the coronavirus.
“The NCUA recognizes that the COVID-19 outbreak will affect all federally insured credit unions and their members to varying degrees,” NCUA Chairman Rodney Hood said. “If you are a low-income credit union that needs assistance during this difficult time, I encourage you to apply for these grants to ensure you can continue to meet the financial needs of your members and communities.”
According to a March 23 press release, the NCUA’s Office of Credit Union Resources and Expansion may provide grants up to $7,500 to low-income credit unions for:
- hardware, software or other equipment to help them provide financial products and services from remote locations;
- consulting services to develop programs and partnerships to assist those affected by COVID-19, such as small businesses or schools; and
- development of marketing materials to assure members their insured deposits are safe.
Eligible credit unions can also apply for loans supported by the Community Development Revolving Loan Fund and grants or loans through the NCUA’s CyberGrants portal.
More information is available through the Office of Credit Union Resources and Expansion, cureapps@ncua.gov.