Newsroom
$3.5M available for 2023 CDRLF grants
The NCUA Wednesday announced the next application round for Community Development Revolving Loan Fund (CDRLF) grants will open May 1 and close June 30. The agency plans to administer $3.5 million to the most-qualified applicants during this round, and is also piloting two new grant initiatives. The agency reminded credit unions to review eligibility requirements before applying.
“This year, we have new opportunities for credit unions that are considering applying for a 2023 CDRLF grant,” NCUA Chairman Todd Harper said. “Congress more than doubled the CDRLF funding for 2023 and added minority depository credit unions as eligible institutions. So, both low-income credit unions and minority depository institutions (MDIs) can now use CDRLF grants to build capacity, invest in their communities, reach under-resourced populations, and provide their members with products and services to strengthen their economic security.”
The $3.5 million in CDRLF grants will be awarded in five categories:
- Underserved Outreach: With a maximum award of $50,000 to help credit unions expand safe, fair and affordable access to financial products and services to underserved communities and improve the financial well-being of their members;
- MDI Capacity Building: With a maximum award of $50,000 to preserve MDI credit unions and increase their ability to thrive and serve minority populations;
- Consumer Financial Protection: With a maximum award of $10,000 to ensure credit unions have the resources and expertise to protect credit union members, raise awareness of potential frauds, and facilitate access to fair and affordable financial services;
- Digital Services and Cybersecurity: With a maximum award of $10,000 to provide assistance to credit unions to modernize information and security systems to better protect themselves and their members from cyberattacks; and
- Training: With a maximum award of $5,000 to strengthen credit unions through succession planning, leadership development, staff education, and professional development.
The two pilot grant initiatives each have a maximum award of $100,000 and include:
- Impact Through Innovation: To address underserved communities by focusing on banking deserts, affordable housing, credit invisibles, and fintechs; and
- Small Credit Union Partnership: To help small credit unions pool their resources to help them achieve their growth objectives.
NAFCU has long advocated for increased funding for the NCUA’s CDRLF and Treasury’s Community Development Financial Institutions (CDFI) Fund to ensure credit unions have access to resources to better serve their communities. President Joe Biden’s proposed 2024 budget includes $4 million for the CDRLF.