Federally insured, low-income-designated credit unions can request grants and loans from NCUA to assist members, businesses, and communities experiencing economic hardships due to the COVID-19 pandemic. Eligible credit unions may apply for the COVID-19 Emergency Response grants or loans now through May 22 using the NCUA’s CyberGrants portal.
Loans have a maximum award of $250,000 and will mature in three years. There will be no interest rate applied to loans awarded under this initiative throughout the full term of the loan.
All loans must be repaid to the NCUA regardless of how they are accounted for by the credit union. The entire principal is due at maturity. There is no penalty for principal prepayment. Principal prepayments may be made as often as monthly.
Grants, with a maximum award of $10,000, will be awarded on a rolling basis throughout the open application period. Minority depository institutions and credit unions with less than $100 million in assets will receive priority.
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