WASHINGTON--Applications for NCUA’s Community Developing Revolving Loan Fund (CDRLF) grants are now open through Dec. 16. The fund will award approximately $3.465 million to between 85 and 115 low-income designated (LID) credit unions, according to the agency’s Notice of Funding Opportunity.
Credit unions are eligible to receive the LID if more than 50% of their members have a family income of 80% or less of the median family income in the local or national metropolitan area (whichever is greater). New this year, LID credit unions can apply for awards in two separate categories. If an application does not result in a grant, the credit union can convert the grant application into a CDRLF loan application, America's Credit Unions explained.
ACU noted that there are six CDRLF grant categories:
- Impact Through Innovation Pilot Initiative (maximum award of $100,000): Providing Phase III funding for credit unions that received grants in 2023
- New Charter Capacity Building (maximum award of $50,000): Assisting newly chartered credit unions to increase capacity and better serve members
- Underserved Outreach (maximum award of $50,000): Helping credit unions expand access to underserved communities and improve members’ financial well-being
- Student Internships (maximum award of $25,000): Enhancing credit unions’ ability to offer internships to high school and college students to gain experience working in a credit union
- Technology, Cybersecurity, and Artificial Intelligence (maximum award of $25,000): Giving credit unions greater access to affordable digital financial products and to implement artificial intelligence services
- Training (maximum award of $25,000): Funding activities such as succession planning, leadership development, and consumer financial protection training