NCUA offers ‘hurricane’ grants to low-income CUs

Sept. 24, 2018 -- Low-income credit unions damaged by Hurricane Florence are eligible for urgent needs grants from NCUA to help restore operations. The grants are up to $7,500 and can be used to repair or replace credit union office property, machinery, equipment, fixtures, and leasehold improvements. Credit unions can also use the funds to resume operations, such as reconstructing data or reestablishing network systems.  

Credit unions can apply through the NCUA’s CyberGrants management system. Severely affected credit unions may contact their NCUA examiners to apply. Credit unions should receive notice of approval within two weeks of application. At that point, they can pay for necessary repairs or replacements and expect to receive their grants within two weeks after submitting a reimbursement request.

Funds will be provided to the extent that the expenditures requested by the credit union are not reimbursable under an insurance policy.

NCUA release: Urgent needs grants available in wake of Hurricane Florence