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May 17, 2017

NCUA will accept low-income credit union grant applications July 1

The NCUA says it will begin accepting Community Development Revolving Loan Fund grant applications from low-income-designated credit unions starting July 1.

Eligible credit unions can apply for grants in the following categories:

• leadership development (maximum amount $10,000) to promote career development, succession planning management and diversity and inclusion training;
• digital services and security (maximum amount $7,500) to improve digital member services, cybersecurity and fraud prevention;
• small, low-income credit union capacity (maximum amount $7,500) to deal with operational challenges like technology upgrades, for credit unions with less than $30 million in assets; and
• underserved communities (maximum amount $25,000) to support projects designed to reach people in underserved areas.

A total of approximately $2 million in funding is available. Applications are due by 3 p.m. Eastern on July 31 for all categories except underserved communities grants, for which applications will be due at 3 p.m. Eastern on Aug. 31.

The NCUA will also host a webinar on Jun 14 to discuss the application process and grant program.

The fund is administered through the NCUA Office of Small Credit Union Initiatives.

Earlier this month, President Donald Trump signed a $1.1 trillion spending bill that, as urged by NAFCU, preserved funding for the CDRLF and the Treasury Community Development Financial Institutions Fund.