ALEXANDRIA, Va. – Low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications on July 1, NCUA announced Wednesday.
An online application form, an explanation of grant requirements, and other information are available on NCUA’s website here. Through a competitive application process, NCUA’s Office of Small Credit Union Initiatives will determine credit unions’ eligibility and administer approximately $2 million to the most qualified applicants, subject to the availability of funds, the agency said.
NCUA explained that each credit union may apply for funding under one of three initiatives as well as a separate initiative to support outreach to people living in underserved communities:
- Leadership development (maximum grant $10,000)—Credit unions may use this grant to promote career development, management succession planning, diversity and inclusion training, or structuring essential employment positions.
- Digital services and security (maximum grant $7,500)—Credit unions can improve digital member services as well as cybersecurity and fraud prevention under this initiative. This grant can be used to offer services like remote deposit capture, digital payments and wallets, or mobile loan applications or to provide cybersecurity training or digital encryption.
- Small, low-income credit union capacity (maximum grant $7,500)—Credit unions with assets of less than $30 million may apply for funding under this initiative to address operational challenges such as upgrading technology systems for greater efficiency and improved operations. Applicants must fall under the $30-million asset limit.
- Underserved communities (maximum grant $25,000)—Each credit union may apply for a grant to support projects designed to reach people living in underserved communities.
Applications for funding under the leadership development, digital services and security, and capacity initiatives must be received no later than July 31 at 3 p.m. ET. Applications for funding under the outreach to underserved communities category must be received no later than Aug. 31 at 3 p.m. ET, NCUA said.
June 14 Webinar Will Explain Application Process
NCUA will host a webinar on June 14 to discuss the grant initiatives and the application process. Registration is now available online here.
Kathryn Baxter, program analyst with the Office of Small Credit Union Initiatives, will be joined by community development financial analysts Ikenna Nwankpa and Susan Carter to discuss the grants program.
Participants will use the registration link to log into the webinar, and they should allow pop-ups from this website. They can submit questions in advance at WebinarQuestions@ncua.gov. The email’s subject line should read, “CDRLF Grants.” Participants with technical questions about accessing the webinar may email audience.support@on24.com.