ALEXANDRIA, Va.--NCUA Friday announced the expansion of its Community Development Revolving Loan Fund (CDRLF) to more low-income-designated credit unions seeking eligibility for Newly Chartered and Urgent Needs grants.
With these changes the maximum award amount will double, NCUA said.
The agency has increased the maximum award amount from $7,500 to $15,000.
The grants help credit unions recover from natural disasters and other emergencies. Additionally, newly chartered credit unions in operation for less than 10 years with assets of $10 million or less can now apply for grants to cover operational costs.
“Expanding grants to low-income designated credit unions is a lifeline that can help them find stable ground and be able to grow for the future” said NCUA Chairman Kyle Hauptman. “These credit unions are often the first and only line of financial support for families, small businesses, and the surrounding community and when they struggle, so do the people who depend on them. Targeted grant funding strengthens the capacity of credit unions at critical moments to ensure stability, innovation long term economic resilience.”
Complete information about the Newly Chartered and Urgent Needs grants, including eligibility requirements and how to apply, is available in the Newly Chartered and Urgent Needs Grant Guidelines(Opens new window). Prospective grant applicants also may contact NCUA staff in the agency’s Office of Credit Union Resources and Expansion by email at CUREAPPS@ncua.gov.