CDRLF grant applications now open

The NCUA began accepting applications for Community Development Revolving Loan Fund (CDRLF) grants this week. Low-income designated credit unions can submit applications through June 26 in three categories: Digital services and cybersecurity, minority depository institution (MDI) mentoring, and underserved outreach.

The agency plans to give out approximately $1.5 million in grants, according to the notice of funding opportunity. Amid the coronavirus pandemic, NAFCU fought for Congress to fully fund the CDRLF and the House Financial Services Committee is recommending providing $10 million to the fund, with money set aside for MDIs, in the fiscal year 2022 budget. The NCUA last year marked $1.3 million of its CDRLF to provide coronavirus assistance to low-income credit unions.

More information about grant requirements and application instructions is available here. Credit unions must have an active registration through the federal government’s System for Award Management prior to applying for funding.

Here’s a look at the grant categories:

 

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