ALEXANDRIA, Va.–NCUA has announced that $13 million is available for loans to low-income-designated (LID) credit unions under the Community Development Revolving Loan Fund (CDRLF). Loans will be awarded for up to $500,000 at an interest rate of 1.5% per year up to five years.
NCUA said it is accepting applications on an ongoing basis through the NCUA grant and loan management system. Loans can be used for:
- Development of new products or services for members
- Partnership arrangements with community-based service organizations or government agencies
- Loan programs
- Acquisition, expansion, or improvement of office space or equipment
- Operational programs
Credit Unions Should Check Eligibility
NCUA said a credit union must have the low-income designation to apply and maintain an active registration with the System for Award Management. There is no charge for this registration or recertification. SAM.gov users can register or recertify by following the instructions on the website.
The agency added that Loan Application Guidelines posted on the NCUA’s Loans webpage.
