NCUA provides $3.7M in grants, loans to help meet COVID-19 needs
NCUA awarded $3.7 million in grants and no-interest loans to 162 low-income credit unions, helping them provide affordable financial services to their members and communities during the COVID-19 pandemic.
In April, the agency committed the majority of its 2020 Community Development Revolving Loan Fund allocation to COVID-19 assistance. The grants and loans went to low-income credit unions in 40 states and the District of Columbia.
NCUA awarded 153 grants totaling nearly $1.5 million. Of those, 32 credit unions were first-time grant recipients. Forty-eight credit unions were minority depository institutions. Grant awards ranged from $900 to $10,000. The agency also approved nine no-interest loans of $250,000 each.
The grants and loans fell into four categories:
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