$3.4 Million Available in New Round of CDRLF Grants

The NCUA announced a new round of Community Development Revolving Loan Fund (CDRLF) grants opening up for credit unions on May 1. The latest round made available more than $3.4 million in grant money for low-income-designated credit unions.

According to the NCUA, the grant application timing will be between May 1 and July 1, and minority depository institution credit unions are not eligible for funding in this year’s grant round if they do not have the low-income designation.

NCUA Board Chair Todd Harper said, “These grants give eligible credit unions the resources needed to support the financial needs of their members and communities. They create new, safe, fair and affordable financial products and services and expand existing services. They bolster cybersecurity, build capacity and train new leaders.”

Harper added, “There are nearly 2,500 low-income credit unions across the country, so there is a lot of potential for putting these grants to work in rural and under-resourced communities. I encourage eligible credit unions to investigate the CDRLF grants and consider applying.”

The NCUA stated it will administer the CDRLF grants to the most-qualified applicants, subject to the availability of funds. The agency will host a webinar in May to explain the process. Details of that webinar have not been published. Grants will be awarded in five categories and one pilot initiative. Those areas include the following:

• Underserved Outreach (maximum award of $50,000): Helping credit unions expand access to underserved communities and improve the financial well-being of their members.
• MDI Capacity Building (maximum award of $50,000): Preserving MDI credit unions and increasing their ability to thrive and serve minority populations.
• Consumer Financial Protection (maximum award of $10,000): Ensuring credit unions have the resources and expertise to protect credit union members and consumers, raise awareness of potential frauds, and facilitate access to fair and affordable financial services.
• Digital Services and Cybersecurity (maximum award of $10,000): Helping credit unions to modernize information and security systems to better protect themselves and members from cyberattacks.
• Training (maximum award of $5,000): Strengthening credit unions through succession planning, leadership development and staff education.
• Impact Through Innovation (maximum award of $100,000): Providing Phase II funding for this pilot initiative to credit unions that received Phase I grants in 2023.

The NCUA stated grant applications must be submitted through the agency’s CyberGrants portal.