March 27, 2020

NCUA Grants Now Available to Help Credit Unions Affected by COVID-19

Credit Unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants

NCUA Grants for Credit Unions affected by Covid

Earlier this week, the National Credit Union Administration announced it was providing federally insured, low-income designated Credit Unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants.

According to NCUA’s press release, its Office of Credit Union Resources and Expansion will provide grants up to $7,500 to low-income Credit Unions for:

  • Hardware, software, or other equipment to help them provide financial products and services from remote locations;
  • Consulting services to develop programs and partnerships to assist those affected by COVID-19, such as small businesses or schools; and
  • Developing marketing materials to assure members their insured deposits are safe.

“Eltropy is committed to serving Credit Unions of all sizes during good times, bad times and all times in between,” said Ashish Garg, Eltropy’s CEO and co-founder. “Our solution is ideal for all asset sizes and helps all Credit Unions provide the best member experience. Tough times never last, but relationships prevail. Eltropy is here to help.”

Eltropy’s world class Text Messaging solution qualifies as a service that allows Credit Unions to provide services from remote locations. With social distancing efforts around the country in addition to increasing member concerns and needs, Credit Unions require secure, compliant and engaging tools to communicate with their communities. 

Click here for more information about low-income Credit Union designation requirements.

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