NCUA 2024 Community Development Revolving Loan Fund Grant Applications Open May 1

Posted by Britt Bonanzino on April 12, 2024

The NCUA recently announced that Low-Income Designated Credit Unions eligible for the Community Development Revolving Loan Fund (CDRLF) grants in 2024 can apply between May 1 and July 1. The $3.4 million in CDRLF grants will be distributed to the most–qualified applicants in five categories and one pilot initiative: 

• Underserved Outreach (maximum award of $50,000) – Helping credit unions expand access to underserved communities and improve the financial well-being of their members. 
• MDI Capacity Building (maximum award of $50,000) – Preserving MDI credit unions and increasing their ability to thrive and serve minority populations. 
• Consumer Financial Protection (maximum award of $10,000) – Ensuring credit unions have the resources and expertise to protect credit union members and consumers, raise awareness of potential frauds, and facilitate access to fair and affordable financial services. 
• Digital Services and Cybersecurity (maximum award of $10,000) – Helping credit unions to modernize information and security systems to better protect themselves and members from cyberattacks. 
• Training (maximum award of $5,000) – Strengthening credit unions through succession planning, leadership development, and staff education. 
• Impact Through Innovation Pilot (maximum award of $100,000) – Phase II funding for this pilot initiative will be available to credit unions that received Phase I grants in 2023. 

“These grants give eligible credit unions the resources needed to support the financial needs of their members and communities,” NCUA Chairman Todd M. Harper said. “They create new, safe, fair, and affordable financial products and services and expand existing services. They bolster cybersecurity, build capacity, and train new leaders. There are nearly 2,500 low-income credit unions across the country, so there is a lot of potential for putting these grants to work in rural and under-resourced communities. I encourage eligible credit unions to investigate the CDRLF grants and consider applying.” 

NCUA will host a webinar for credit unions interested in applying on May 2. Participants are encouraged to submit questions in advance by emailing [email protected]. You can register here.  

For questions on eligibility, reach out to GoWest Foundation’s Strategic Initiatives Manager, Nayab Abbasi. 

Posted in GoWest Foundation, Top Headlines.