Collaboration is a way of life for credit unions, and that could pay off to the tune of $50,000 in grant money.
The NCUA’s Office of Small CU Initiatives is offering a $50,000 Collaboration Grant. It will be awarded to one credit union only, but under the requirements, there must be at least two credit unions collaborating with one lead credit union.
Complete guidelines can be found on the OSCUI’s website by clicking here.
The agency says the initiative will provide grant funding for an innovative, scalable, replicable and cost-saving collaboration. Low-Income Designated Credit Unions with a project that provides long-term expense reduction through collaboration are encouraged to apply.
The requirements state that a single Low-Income Designated Credit Union must be applicant and lead collaboration manager. The collaboration can be between a Low-Income Designated Credit Union and any other type of entities including leagues, other Low-Income Designated Credit Unions, CUSOs, or vendors. At least two credit unions must participate.
The grant round will open on Feb. 15 and close on March 15, with the award announced on April 12, 2013.