Urgent Needs Grants Available for Credit Unions Affected By COVID-19
Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from the National Credit Union Administration.
“The NCUA recognizes that the COVID-19 outbreak will affect all federally insured credit unions and their members to varying degrees,” NCUA Chairman Rodney E. 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.”
The NCUA’s Office of Credit Union Resources and Expansion can 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
- Developing marketing materials to assure members their insured deposits are safe.
Eligible credit unions also may apply for loans supported by the Community Development Revolving Loan Fund.
Eligible credit unions may apply for grants or loans through the NCUA’s CyberGrants portal.
There are 169 Low Income Designated CUs in Michigan. A listing can be found using the tool found here.
Credit unions with questions should contact the Office of Credit Union Resources and Expansion by email at CUREApps@ncua.gov.