NCUA awards over $3.5 million in community development revolving loan fund grants
ALEXANDRIA, VA (September 4, 2024) — The National Credit Union Administration today announced awards of more than $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions.
“Community Development Revolving Loan Fund grants can provide the seed money needed for credit unions serving low-income members and under-resourced communities to grow small ideas into big initiatives that build intergenerational wealth and change lives,” NCUA Chairman Todd M. Harper said. “These grants also assist credit unions in reaching more people with the safe, fair, and affordable financial products and services they need, promoting consumer education, building staff capacity, and providing greater online security for their members.”
The NCUA awarded grants ranging from $1,100 to $100,000 to credit unions in 37 states. Thirty-nine grantees were minority depository institutions, which received a total of nearly $1.4 million. Eighteen grantee credit unions were first-time applicants. The NCUA made awards in six categories:
- Underserved Outreach: 26 grants totaling $1,255,087
- MDI Capacity Building: 26 grants totaling $1,154,500
- Digital Services and Cybersecurity: 66 grants totaling $629,200
- Impact Through Innovation: 4 grants totaling $400,000
- Training: 11 grants totaling $52,500
- Consumer Financial Protection: 2 grants totaling $20,000
In the 2024 grant round, the agency received 271 grant applications requesting more than $8.3 million.
Information about CDRLF grants and a complete list of awardees are available on the NCUA website. The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grants to eligible credit unions. The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority depository institution credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new federal credit unions.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
