The National Credit Union Administration announced that low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications on July 1.
Online application forms, an explanation of grant requirements and other information are available on NCUA’s website. The regulator's Office of Small Credit Union Initiatives will determine eligibility and administer about $2 million in grants (subject to the availability of funds) to those credit unions it deems most qualified.
Each credit union may apply for funding under one of three initiatives, as well as a separate initiative to support outreach to people living in underserved communities:
- Leadership development (maximum grant $10,000): Credit unions may use this grant to promote career development, management succession planning, diversity and inclusion training, or structuring essential employment positions.
- Digital services and security (maximum grant $7,500): Credit unions can improve digital member services as well as cybersecurity and fraud prevention under this initiative. This grant can be used to offer services like remote deposit capture, digital payments and wallets, or mobile loan applications or to provide cybersecurity training or digital encryption.
- Small, low-income credit union capacity (maximum grant $7,500): Credit unions with assets of less than $30 million may apply for funding under this initiative to address operational challenges such as upgrading technology systems for greater efficiency and improved operations. Applicants must fall under the $30 million asset limit.
- Underserved communities (maximum grant $25,000): Each credit union may apply for a grant to support projects designed to reach people living in underserved communities.
Applications for funding under the leadership development, digital services and security, and capacity initiatives must be received no later than July 31 at 3 p.m. EDT.
Applications for funding under the outreach to underserved communities category must be received no later than Aug. 31 at 3 p.m. EDT.