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."
Recommended For You
"Credit unions' interest in providing improved financial services to their members and stimulating economic conditions in their communities through programs such as financial education, free tax preparation, and asset-building services as well as improved operations all contributed to active Fund participation," Office of Small Credit Union Initiatives Director Tawana Y. James said. "As existing loans pay down, we will have funds available to lend."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
