ALEXANDRIA, Va. — NCUA announced today that its Community Development Revolving Loan Fund has reached its threshold and set a new record.
The CDRLF, which makes low-cost loans and grants to low-income designated credit unions, has processed 40 loans this year totaling over $7 million. Lending now has exceeded $13 million, the largest number of loans approved in a single year and the largest dollar amount for loans ever recorded.
NCUA Chairman JoAnn Johnson commented that "2007 was a tremendous year for credit union member outreach. The demand for both grants and loans from the Community Development Revolving Loan Fund more than doubled from the same period last year, and NCUA encourages credit unions to continue to use the Fund in the future as a valuable resource."
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