ALEXANDRIA, Va.–NCUA said it has awarded $3.1 million in Community Development Revolving Loan Fund grants to 142 low-income and minority depository institutions.
“For 2023, Congress provided more funding and allowed MDI-designated credit unions to qualify for CDRLF grants, enabling the NCUA to provide greater support to more institutions,” NCUA Chairman Todd M. Harper said in a statement.
The NCUA awarded grants ranging from $1,000 to $50,000 to credit unions in 40 states and the District of Columbia. Forty-two awardees were MDIs, and 23 were first-time applicants.
‘Track Record of Success’
“These grants have a track record of success. Qualifying low-income and MDI-designated credit unions use these needed funds to create innovative products, provide financial education, and broaden access to safe, fair, and affordable financial products and services. This expands opportunity and assists members and communities nationwide in building financial security.”
NCUA said it made awards in five categories:
- Underserved Outreach: 26 grants totaling $1,265,000
- MDI Capacity Building: 23 grants totaling $1,079,200
- Digital Services and Cybersecurity: 79 grants totaling $725,900
- Training: 12 grants totaling $59,600
- Consumer Financial Protection: 2 grants totaling $16,500
Nearly 300 Applicants
According to NCUA, in the 2023 grant round the agency received 290 grant applications totaling more than $7.7 million.
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