The NCUA announced Wednesday that 22 low-income credit unionshave been awarded grants that will pay for student interns this summer.
|The credit unions, located in 16 states, received a combinedtotal of $80,000 from the Community Development Revolving Loan Fund.
|According to the NCUA's release, competition for the funds wasfierce. More than 40 applications for more than $150,000 in fundingrequests were received on May 1 alone, the day the applicationperiod opened.
|Applications were reviewed and grants were awarded on afirst-come, first-served basis until funding was exhausted, theAlexandria, Va.-based regulator said.
|“A Student Internship Grant makes several good things happen,”NCUA Board Chairman Debbie Matz said in a statement. “It providesstudents with paid work experience and introduces them to creditunions. It also gives credit unions a chance to add some helpinghands and to connect with young people, who could be future membersor industry leaders. I'm encouraged to see these low-income creditunions take advantage of this opportunity.”
|The Student Internship Grant Initiative provides eligiblelow-income designated credit unions with up to $4,000 in fundingfor hiring student interns for the summer. The students hired willparticipate in a variety tasks, including implementing marketingplans, ensuring compliance and assisting with the credit union'soperations. A listof the winning credit unions can be viewed on the NCUA'swebsite.
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