The federal regulator of credit unions has about $2 million in grant money available for “low-income” credit unions through its revolving loan fund. The application period opens July 1 and closes Aug. 18.
Before applying, credit unions will have to ensure they have up-to-date registration with a federal awards management system – a process that the agency says could require some time given recent changes in identity verification processes.
In a release Tuesday, the National Credit Union Administration (NCUA) said credit unions will be able during this round to apply for one grant from one of three categories:
- Digital Services and Security (maximum grant $10,000; total allocated, $750,000): Helping credit unions create digital relationships with members.
- Leadership Development (maximum grant $10,000; total allocated, $500,000): Promoting career development within the credit union industry
- Underserved Outreach (maximum grant $20,000; total allocated, $750,000): Assisting credit unions in improving the financial well-being of individuals in underserved areas.
Applications must be received no later than Aug. 18 at 11:59 p.m. ET. The agency said it plans to announce awardees by Sept. 30.
Grant requirements, application instructions, and other information are available in the 2018 Grant Round Application Guideline.
The guideline provides an overview of the CDRLF grants available and a set of “critical dates” to ensure applications are received on time.
In Tuesday’s release, NCUA noted that federal law requires that credit unions have an active registration with the federal government’s System for Award Management (SAM) prior to applying for funding. It encourages those seeking CDRLF grants to register in SAM.gov or recertify existing SAM.gov accounts as soon as possible. It also notes that the U.S. General Services Administration is implementing new processes to verify the identity of both new and existing registered entities, and this may affect how long it takes the GSA to activate or recertify SAM.gov accounts.
Credit unions registering a new account in SAM.gov or recertifying an existing SAM.gov account, NCUA says, must now submit a notarized letter to SAM.gov stating that they are the authorized Entity Administrator within 30 days of account activation.