| Ten credit unions in Massachusetts were among 251 low-income credit unions across the country the NCUA awarded $1.8 million in grants to for the purpose of expanding digital services to under-served communities, providing leadership training and improving cybersecurity.
The Office of Small Credit Union Initiatives administers the grant funding provided by the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities.
Congress established the fund to provide grants and loans to credit unions serving low-income communities. Since 2001, congress has provided the NCUA with more than $18.8 million for these grants.
Beverly Municipal FCU, Cambridge Teachers FCU, Lowell Firefighters Credit Union, Malden FCU, Naveo Credit Union, New Bedford Credit Union, St. Anne’s Credit Union and Worcester Credit Union received $7,500 grants for digital services and security:
Franklin First FCU received a $5,000 grant for leadership development and Mills42 FCU received a $7,500 grant for small LICU capacity.
In total, the NCUA received applications from 328 credit unions for more than $2.4 million.
In the most recent round, the NCUA awarded grants in three initiative areas:
- Digital services and security: the NCUA awarded 151 grants, totaling $1,065,395, to help credit unions expand financial access to underserved communities through digital products and to help credit unions do a better job of protecting members’ information.
- Leadership development: the NCUA awarded 57 grants, totaling $504,190, to help credit unions provide leadership training to staff.
- Small low-income credit union capacity: the NCUA awarded 43 grants, totaling $283,500, to help credit unions improve technology systems and enhance their capacity to serve low-income members.
