The NCUA announced it will host a May 11 webinar to assist creditunions with the grant application process, which is set to beginJune 1 and ends June 30. At stake in the application process is $2million in grants for low-income credit unions.

The Community Development Revolving Loan Fund assistance grantshelp low-income credit unions support, grow and train staff, andimprove security.

“These grants are important investments in credit unions, theirmembers and their communities,” NCUA Chairman Debbie Matz said. “Iencourage all low-income credit unions to learn more about thegrant program and consider applying. There is assistance availableto help you offer new products and services, train your staff, hireinterns or strengthen your cybersecurity.”

Interested credit unions may submit one application for allinitiatives at the NCUA's CyberGrants program link here. While credit unions may apply for more than oneinitiative, grant awards are subject to the availability of funds,according to the NCUA.

The maximum grant awards for the four eligible initiativesare:

•Capacity and growth: Credit unions considering new lendingprograms, deposit products or other growth strategies to increasemembers' financial service opportunities may apply for up to$15,000 in assistance.

•Cybersecurity: Up to $7,000 will be available for each eligiblecredit union to enhance cybersecurity and protect memberinformation.

•Staff training: Grants of up to $3,000 will be available forselected credit unions to pay for training related to credit unionoperations, including compliance, lending and collections.

•Student internships: Up to $4,000 will be available to eachcredit union to hire students enrolled in high school orcollege.

A full list of eligible grant projects and the NCUA's evaluationcriteria can be found online here.

The 90-minute webinar, “NCUA 2016 Grant & LoanOpportunities,” will take place on May 11 at 2 p.m. Eastern Time.Online registration is available here.

The webinar will be led by Dominic Carullo, economic developmentspecialist with the NCUA's Office of Small Credit UnionInitiatives, and a panel of OSCUI staffers: Geetha Valiyil, OSCUIcomptroller; Susan Carter, financial analyst and Ikenna Nwankpa,grant administrator.

The webinar will cover the grant application process and foureligible grant initiatives as well as urgent-needs grants and loansthat are available year-round. A 30-minute question-and-answersession will follow.

Participants may submit questions in advance [email protected]. The subject line of the email shouldread, “NCUA 2016 Grant Webinar.”