The NCUA on Thursday announced that 90 low-income credit unions have been awarded more than $1.5 million in Community Development Revolving Loan Fund grants for the FY22 award cycle.
The grants ranged from $1,400 to $50,000 to credit unions in 43 states and the District of Columbia. Agency officials said that 28 of the credit unions were first-time grant recipients, while 16 were minority depository institutions.
The NCUA received 220 grant applications requesting more than $4.7 million for the FY22 round.
“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 Harper said.
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