NCUA Invites MDIs to Apply for Mentor Grants

The NCUA announced Wednesday that it will begin taking applications Oct. 11 for its next round of mentoring grants to help Minority Depository Institutions.

To be eligible, a credit union must be federally insured and designated as both a Minority Depository Institution (MDI) and a low-income credit union. Applications must be received by Oct. 29.

Chairman Todd M. Harper encouraged MDIs to apply for the grants, which are up to $25,000 each and from a pool of $100,000. The grants support mentoring relationships that allow larger, experienced credit unions the opportunity to provide guidance to other MDIs.

The NCUA’s website includes a grants page with a link to a 23-page guide called “MDI Mentoring Cohort: Guidance on Selecting a Mentor.”