ALEXANDRIA, Va. –NCUA is reminding that low-income-designated credit unions have until July 1 to apply for 2024 Community Development Revolving Loan Fund grants.
The agency said it will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.
Eligibility and award categories information is available here, with the agency adding that credit unions with questions about the grants should contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov.
A webinar explaining how to apply for a CDRLF grant is available on the NCUA’s YouTube Channel.
Who’s Eligible, Who’s Not
According to NCUA, the 2024 CDRLF grant round is open to credit unions with a low-income designation. Minority depository institution credit unions are not eligible for funding in this year’s grant round if they do not have the low-income designation.
Credit unions with questions about the low-income designation should contact the NCUA’s Office of Credit Union Resources and Expansion at dcamail@ncua.gov.
MDI Report Sent to Congress
Separately, NCUA is reporting minority depository institution (MDI) credit unions expanded membership and services in 2023, promoting economic growth and financial security, particularly in underserved communities.
The results were included as part of NCUA’s 2023 report to Congress detailing MDIs’ performance and the agency’s actions in support of their efforts. The release was part of the agency’s MDI Awareness Month activities, the agency added.
“MDI credit unions, through a combination of a focused mission, a strong sense of purpose, and dedicated staff and management, are performing well and making a difference in their communities,” NCUA Chairman Todd M. Harper said in a statement. “The numbers show these credit unions often out-perform larger institutions, but numbers only tell part of the story. MDI credit unions have been innovative in reaching underserved communities, tailoring products and services to members’ needs, and helping those members improve their financial standing and economic futures.”