The NCUA said Thursday it has awarded $517,890 in grants to 127 low-income credit unions.
The money from the first round in 2014 of the Community Development Revolving Loan Fund awards will be used for a variety of projects, this time with a heavy focus on providing mobile banking, the agency said.
“It's important that credit unions offer up-to-date technology to remain competitive in a rapidly changing industry,” NCUA Board Chairman Debbie Matz said in the announcement.
The NCUA said 33 grants totaling $209,500 were awarded for new products and services, 54 totaling $208,390 were for student internships, and 40 for $100,000 were for CDFI certification initiatives.
In this round 320 credit unions submitted grant applications totaling more than $2.3 million in funding requests, the NCUA said. A complete list of the grant winners, and grant application status updates, are online.
The NCUA's Office of Small Credit Union Initiatives administers the congressionally established Revolving Loan Fund which the agency said has received more than $12.8 million in grant money since 2001.
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