ALEXANDRIA, Va.–NCUA said it has expanded its Community Development Revolving Loan Fund (CDRLF) to more low-income-designated credit unions seeking eligibility for Newly Chartered and Urgent Needs grants.
The maximum award amount will double to $15,000 from $7,500.
The agency said the grants help credit unions recover from natural disasters and other emergencies. Additionally, newly chartered credit unions in operation for less than 10 years with assets of $10 million or less can now apply for grants to cover operational costs, NCUA added.
‘A Lifeline’
“Expanding grants to low-income designated credit unions is a lifeline that can help them find stable ground and be able to grow for the future” NCUA Chairman Kyle Hauptman said in a statement. “These credit unions are often the first and only line of financial support for families, small businesses, and the surrounding community and when they struggle, so do the people who depend on them. Targeted grant funding strengthens the capacity of credit unions at critical moments to ensure stability, innovation long term economic resilience”.
For More information
- Newly Chartered and Urgent Needs Grant Guidelines.
- Prospective grant applicants also may contact NCUA staff in the agency’s Office of Credit Union Resources and Expansion by email at [email protected].
