ALEXANDRIA, Va.–Applications for the NCUA’s Community Developing Revolving Loan Fund (CDRLF) grants are now open through Dec. 16.
NCUA said it will award approximately $3.465 million to between 85 and 115 low-income designated (LID) credit unions, according to the its Notice of Funding Opportunity.
As NCUA noted, credit unions are eligible to receive the LID if more than 50% of their members have a family income of 80% or less of the median family income in the local or national metropolitan area (whichever is greater).
A New Offering
The agency further said that new this year, LID credit unions can apply for awards in two separate categories. If an application does not result in a grant, the credit union can convert the grant application into a CDRLF loan application.
Six CDRLF Categories
NCUA said there are six CDRLF grant categories:
- Impact Through Innovation Pilot Initiative (maximum award of $100,000): Providing Phase III funding for credit unions that received grants in 2023.
- New Charter Capacity Building (maximum award of $50,000): Assisting newly chartered credit unions to increase capacity and better serve members.
- Underserved Outreach (maximum award of $50,000): Helping credit unions expand access to underserved communities and improve members’ financial well-being.
- Student Internships (maximum award of $25,000): Enhancing credit unions’ ability to offer internships to high school and college students to gain experience working in a credit union.
- Technology, Cybersecurity, and Artificial Intelligence (maximum award of $25,000): Giving credit unions greater access to affordable digital financial products and to implement artificial intelligence services.
- Training (maximum award of $25,000): Funding activities such as succession planning, leadership development, and consumer financial protection training.
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