Fifty thousand dollars awaits a low-income credit union that finds the best long-term savings proposal that incorporates collaboration. The NCUA announced Friday it will name the $50,000 grant winner by April 12.
To qualify a low-income designated credit union must partner with at least one other credit union, with the option to include other entities such as state leagues and associations, additional credit unions, credit union service organizations and third-party vendors.
The NCUA’s Office of Small Credit Union Initiatives will accept applications from Feb. 15 to March 15. Funding for the grant is provided by the Community Development Revolving Loan Fund.
“Pursuing collaborations and developing new and innovative best practices can assist small credit unions competing in today’s marketplace and add value to their membership,” NCUA Chairman Debbie Matz said. “This grant initiative will allow low-income credit unions to tap into their wealth of experience and create solutions to apply across the industry. In my experience, some of the best solutions come directly from members or employees.”
The OSCUI will evaluate applications based on the following characteristics:
- Substantial reduction of expenses for core credit union activity through collaboration
- Scalable collaborations that continue to grow
- Innovative collaborations that break new ground
- Replicable ideas or projects that other credit unions can adopt
The NCUA said in a release that successful applicants will have good CAMEL ratings and net worth ratios, partners with financial viability, successful implementation of prior projects, and an idea that is funded completely by non-NCUA funds.
For more information, a set of guidelines detailing the grant program’s requirements and selection process, as well as potential collaboration ideas, is available under the grants button at http://go.usa.gov/gwP9. A Notice of Funding Opportunity also appears in today’s Federal Register at http://go.usa.gov/4arB.