The 2013 Grant Round is now open. Applications are being accepted through July 12. The Office of Small Credit Union Initiatives expects to award $1.08 million in grants under this funding round. Low-income designated credit unions are eligible to apply.
Through the Grant Program, OSCUI provides grants to LICUs to enhance their ability to provide financial services to their low-income members and communities.
Funding for the grants is provided through appropriation by Congress with OSCUI administering the fund.
The following initiatives are available for funding:
|Collaboration||For long-term cost-saving collaborations that are scalable and replicable.||$24,000|
|Computer Modernization||For the purchase of hardware and software to convert from manual to computerized operations.||$7,500|
|Financial Capability||For credit unions to improve the financial capability of their communities and open new accounts at the credit union.||$10,000|
|New Location for Home Based CUs||For relocating a home-based credit union to a retail site. Credit unions may apply for funds for planning, acquisition, renovation, equipment and moving costs of the relocation.||$10,000|
|New Product/Service Development||For projects that develop new products and services to help the credit union better serve its members and the community.||$10,000|
|Staff and Volunteer Training||For small credit unions to offset the cost of training relevant to improving the operations of the credit union.||$3,000|
The grant rounds have become increasingly competitive. In 2012, OSCUI received 331 applications with an aggregate request of nearly $5 million. Funds available allowed us to grant a total of $1.4 million to 103 credit unions. Among the uses of the 2012 grant funds was the opening of an in-school branch and providing home and mobile banking services to credit union members.
To help credit unions complete the application, we held an informational webinar, "Multi-Initiative Grants for Low Income Credit Unions," last month. The webinar may help you determine the initiatives to best meet your credit union's needs. A recording of the webinar is available on our website, click here. The webinar covered:
The grant program converted to an online application system in 2012. Click here for tips on grant applications.