Mon, Jul 8, 2013
The 2013 Grant Round is now open! Applications are being accepted through July 12, 2013. OSCUI expects to award $1.08 million in grants under this funding round. Low-income designated credit unions (LIDs/LICUs) are eligible to apply.
Through the Grant Program, OSCUI provides grants to LICUs to enhance their ability to provide financial services to their low-income members and communities.
Funding for the grants is provided through appropriation by Congress with OSCUI administering the fund.
The following initiatives are available for funding:
The grant rounds have become increasingly competitive. In 2012, OSCUI received 331 applications with an aggregate request of nearly $5 million. Funds available allowed us to grant a total of $1.4 million to 103 credit unions. Among the uses of the 2012 grant funds was the opening of an in-school branch and providing home and mobile banking services to credit union members.
To help credit unions complete the application, OSCUI held an informational webinar, "Multi-Initiative Grants for Low Income Credit Unions," last month. The webinar may help you determine the initiatives to best meet your credit union's needs. A recording of the webinar is available on our website, click here. The webinar covered:
- Various grant initiatives;
- Application process and requirements for funding;
- How grants can assist with certain operating expenses; and
- How to use the funds to expand member services and grow the credit union.
The Grant Program converted to an online application system in 2012. Read the "Grants and Loans" column in this issue for guidance on the new system.
Not a LICU? Ask OCP to run your numbers to see how close you are to qualifying. Send a request to DCAMail@ncua.gov.
For additional information, visit the Grants and Loans section of our website at www.ncua.gov/oscui/GrantsandLoans. Direct inquiries about the funding programs to the Grants and Loans staff at oscuiApps@ncua.gov.