Low-Income Credit Unions Can Apply for CDRLF Grants Starting May 2
Credit unions with a low-income designation may be eligible for NCUA awards of as much as $50,000 from the CDRLF Fund. Learn how.
Credit unions with a low-income designation may be eligible for NCUA awards of as much as $50,000.
Eligible credit unions with a low-income designation may apply for Community Development Revolving Loan Fund (CDRLF) grants between May 2 and June 24, the National Credit Union Administration (NCUA) announced today.
The agency plans to award more than $1.5 million in grants across four categories:
–Underserved Outreach. The agency will award grants of up to $50,000 to assist credit unions in expanding their reach to underserved communities and improving their members’ financial well-being.
–Small Credit Union Mentoring. The agency will award grants of up to $25,000 to match small credit unions with larger mentor credit unions in an effort to build capacity and expand services.
–Digital Services and Cybersecurity. The agency will award grants of up to $10,000 to assist credit unions with modernizing information and security systems to better protect themselves and members from cyberattacks.
–Training. The agency will award grants of up to $5,000 to help credit unions with succession planning, leadership development and staff education.
What Is the Aim of the CDRLF Program?
“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,” said NCUA Chairman Todd Harper. “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.”
NCUA Chairman Todd Harper
How to Apply
Information about the grants, including application instructions, is available on NCUA.gov. Grant applications must be submitted online through the NCUA’s CyberGrants portal. Credit unions with additional questions may contact the NCUA’s Office of Credit Union Resources and Expansion (CURE) at CUREAPPS@ncua.gov.
To apply, eligible credit unions must have an active account with the System for Award Management (SAM) and a unique entity identifier number that they will receive when they register for an account.
Low-income designated credit unions with an existing SAM registration must recertify and maintain an active status annually. There is no charge for the registration and recertification process and users can register or recertify their account by following the outlined instructions for registration.
How Your Credit Union Can Access the CDRLF Program
In order to be eligible, a credit union must have first attained a low-income designation, a distinction conferred by the NCUA upon institutions serving predominantly low-income members.
To learn more about the CDRLF program, as well as how and if your credit union can qualify, and for help applying, visit our low-income designation page or reach out to us directly through our consulting services.