ALEXANDRIA, Va. –NCUA has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.
NCUA said it has awarded grants ranging from $1,400 to $50,000 to credit unions in 43 states and the District of Columbia. Twenty-eight credit unions were first-time grant recipients, while 16 grantees were minority depository institutions, the agency said.
Two of the $50,000 awards went to two CUs in Indianapolis for underserved outreach.
The NCUA made awards in four categories:
- Underserved outreach: 21 grants totaling $943,488
- Small Low-Income Credit Union (LICU) mentoring: 3 grants totaling $75,000
- Digital services and cyber security: 52 grants totaling $484,165
- Training: 14 grants totaling $64,510
The $50,000 grants, all of which were for underserved outreach, went to:
- Birmingham City CU in Alabama
- Aventa Credit Union in Colorado
- Financial Access Credit Union in Bradenton, Fla.
- Harvester Financial CU in Indianapolis
- Northpark Community Credit Union in Indianapolis
- New Orleans Fireman’s Credit Union in Metairie, La.
- Ferguson Credit Union in Monticello, Miss.
- 1st Bergen Credit Union in Hackensack, N.J.
- Saint Lawrence Cu in Ogdensburg, N.Y.
- Arbuckle CU in Ada, Okla.
- SRU CU in Slippery Rock, Penn.
- Copper Basin CU in Cooperhill, Tenn.
- Education CU, Amarillo, Texas
During the 2022 grant round, the agency received 220 grant applications totaling more than $4.7 million, according to NCUA.
On the ‘Frontlines’
“Low-income credit unions are on the frontlines of expanding access to safe, fair, and affordable credit, and these grants to credit unions will allow those institutions to expand services, build capacity, create professional support networks, and bolster their capacity to withstand cyberattacks,” NCUA Chairman Todd M. Harper said. “Again this year, we have seen the need far exceed our available resources, so I am very pleased that Congress is considering increasing the annual allocation. With more money, the NCUA will be able to make more grants and bigger grants through the Revolving Loan Fund.”
The full listing of award winners, the purpose of the award and the amount can be found here.