The NCUA said its first round of grants for low-income credit unions will support their efforts to trainstaff and volunteers and to provide students with internshipopportunities.

The agency will provide at least $360,000 in funding during thefirst 2015 grant round. Credit unions may apply on the NCUA'swebsite Feb. 2 through March 3.

In addition, the NCUA said it may provide funds to more than 100low-income credit unions.

The grants of up $3,000 for selected credit unions can be usedto pay for in-person or web-based training including, but notlimited to, compliance, lending and collections, and businessoperations. The NCUA said a bid or costs estimate is not requiredto apply. The agency is allocating $150,000 for thisinitiative.

NCUA grants of up to $4,000 will also be available to creditunions to hire students enrolled in high school or college. Creditunions that receive the grants must select interns by June 15, withinternships completed by Aug. 14. The agency said it is allocatingmore than $200,000 for this initiative.

According to NCUA Chairman Debbie Matz, the regulator recognizesthe unique role that low-income credit unions play in the lives oftheir members.

“NCUA is therefore committed to helping these credit unions tosucceed,” she said. “These grants from the Community DevelopmentRevolving Loan Fund will help credit unions improve service throughstaff training and give internship opportunities to young peoplewho might become the future credit union leaders.”

Matz encouraged eligible credit unions to consider applying forthe grants.