NCUA official seal. (Source: NCUA)
Low-income designated credit unions that are eligible can apply to a new round of Community Development Revolving Loan Fund (CDRLF) grants beginning next month.
According to a statement released from the NCUA on Monday, eligible credit unions can apply for the pool of more than $1.5 million in grant money between May 2 and June 24.
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"The grants the NCUA makes through the Revolving Loan Fund program make a real difference for credit unions, their members and the communities they serve," NCUA Chairman Todd Harper said. "These investments go into communities that would otherwise be underserved, giving credit unions resources to build their capacity, including cybersecurity resilience, bolster local economies and create more secure financial futures for credit union members."
The NCUA laid out the four grant categories for qualified applicants:
- Underserved Outreach (Maximum award, $50,000) — Assisting credit unions in expanding their reach to underserved communities and improve their members' financial well-being;
- Small Credit Union Mentoring (Maximum award, $25,000) — Matching small credit unions with larger mentor credit unions to build capacity and expand services;
- Digital Services and Cybersecurity (Maximum award, $10,000) — Assisting credit unions with modernizing information and security systems to better protect themselves and members from cyberattacks; and
- Training (Maximum award, $5,000) — Strengthening credit unions through succession planning, leadership development and staff education.
Last September, $1.5 million in CDRLF grants were distributed to 105 low-income credit unions in 34 states plus the District of Columbia. At the time, 22 grants were distributed for a total of $1 million for underserved outreach, and 83 grants for $529,517 for digital services and cybersecurity. Sixteen credit unions were first-time grant recipients and 33 were Minority Depository Institutions.
Grant requirements and application instructions for this year's grants can be found on the NCUA's website.
"I encourage all eligible credit unions to apply," Harper said.
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