For the first time, NCUA will make money available to low-income credit unions applying for Community Development Financial Institution status from Treasury's CDFI Fund. The approval process can be lengthy.
"These grants will help America's low-income credit unions remain viable and respond to the evolving needs of their members," NCUA Board Chairman Debbie Matz said in a release. "The funding to assist low-income credit unions in qualifying for a CDFI certification is a welcome addition to NCUA's long-standing grant program. CDFI-certified financial institutions have access to additional capital, which can help them create jobs and promote financial stability in some of our nation's most underserved communities."
Applications for the grants can be submitted online to the NCUA between Feb. 3 and Feb. 14, 2014.
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