National Credit Union Administration
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www.ncua.gov

NCUA Launches Mentoring Initiative

Grants Available to Credit Unions for New Initiative

May 19, 2004, Alexandria, Va. – The National Credit Union Administration (NCUA) announced today it has earmarked $50,000 for the new Mentoring Initiative technical assistance grants (TAGs). Unlike most TAGs, this program is open to all well-run credit unions and is designed to facilitate funding resources to develop effective mentor relationships with low-income designated credit unions. With an average grant award expected to be $5,000, the Mentoring Initiative aims to assist credit unions in implementing or augmenting a mentoring program for low-income designated credit unions.

“These grants are available to help low-income credit unions provide greater access to affordable financial services in the many underserved areas across America where it is most needed,” said NCUA Chairman JoAnn Johnson. “A mentor relationship with a credit union can provide excellent resources to smaller, low-income institutions.”

Recognizing that credit unions incur administrative and operational expenses in starting up or maintaining mentoring programs, this grant funding offsets a portion of those costs. For example, eligible administrative costs include the development of mentoring contracts/procedures, legal assistance, printing and reproduction, supplies, rental of chairs, tables or projectors, marketing and advertising, and travel expenses. Operational costs include equipment installation such as electrical service, computers and ATMs, software upgrades, and rental of space.

For more information, TAG requirements, deadlines and application packages, contact NCUA’s Office of Credit Union Development at http://www.ncua.gov/CreditUnionDevelopment/Programs/programs.html, ocudmail@ncua.gov or 703-518-6610.

The National Credit Union Administration, governed by a three-member board appointed by the President and confirmed by the Senate, is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 80 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.