NCUA to provide $1.18 million in grants to low-income credit unions

resized_NCUA_SEALThe National Credit Union Administration vowed to provide up to $1.18 million in grants to low-income credit unions under the Community Development Revolving Loan Fund Grant Initiative.

“These grants provide critical assistance to low-income designated credit unions so they can better meet the evolving financial needs of their members,” NCUA Board Chairman Debbie Matz said. “We encourage all eligible credit unions to apply.”

Eligible institutions can receive grants in six different categories, including collaboration, new product and service development, financial capability, relocation, computer modernization and staff and volunteer training.

Grants are available for up to $24,000 for collaboration, up to $15,000 for new product and service development, up to $10,000 for financial capability and relocation, up to $7,500 for computer modernization and up to $3,000 for staff and volunteer training.

The CDRLF was established by Congress to provide grants and loans to credit unions that serve low-income communities. Since 2001, more than $10 million has been appropriated for CDRLF grants, which are administered by the Office of Small Credit Union Initiatives.

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