ALEXANDRIA, Va.—NCUA has issued a notice of funding opportunity for low-income designated credit unions (LICUs) through its Community Development Revolving Loan Fund (CDRLF) program.
According to the funding notice, there is $3.6 million available through the CDRLF loan awards program for qualified credit unions.
Loan amounts typically range from $250,000 to $500,000; all awards are subject to funds availability and the NCUA's discretion, NAFCU explained.
The CDRLF program provides loans and technical assistance grants to help LICUs better serve the communities in which they operate. Loans provided to credit unions through this program have lower-than-market interest rates and are a great source of liquidity and support for LICUs, noted NAFCU, which has urged Congress to fully fund the program to ensure credit unions can continue to provide financial stability for low-income members and their families.