NCUA Awards Over $3.5 Million in Community Development Revolving Loan Fund Grants

Posted by Alyse Knudsen on September 11, 2024

On Sept. 4, The National Credit Union Administration (NCUA) announced awards of more than $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions, including six in the GoWest region. 

“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. 

GoWest member credit unions that received grants include: NuVista Federal Credit Union (CO), Trailhead Credit Union (OR), Cutting Edge Credit Union (OR), American Lake Credit Union (WA), Mint Valley Credit Union (WA), and Express Credit Union (WA). 

American Lake Credit Union will use the $50,000 it received to partner with local organizations to bring products and services that truly meet its community’s needs. “Whether it’s offering loans for small businesses, low-cost ways to send money across borders, or services for those using ITINs, we’re committed to making our offerings more accessible,” shared Jayde DelGado, American Lake’s VP of Member Experience. “We’re also redesigning our physical locations and digital tools to include the languages our members speak, ensuring everyone feels welcome and supported. Lastly, we will be able to provide financial literacy education delivered in both English and Spanish, designed to engage and teach the next generation.” 

“This grant helps us take a big step forward in our mission to empower our members with the financial tools to succeed and promote financial empowerment to those that need it most,” added DelGado. 

NuVista CDFI and Special Initiatives Director Sara Plumhoff shared, “We are so thankful to be a recipient of the NCUA CDRLF grant. The funds will help us expand our Community Development Financial Education program to bring financial literacy into more rural and underserved communities on the Western Slope of Colorado.”

Information about CDRLF grants and a complete list of awardees are available on the NCUA website. 

If your credit union is interested in learning more about the NCUA low-income designation application process or future grant opportunities, reach out to GoWest Foundation’s Nayab Abbasi to get started.

Posted in Colorado, Community Impact, Oregon, Regional Member News, Top Headlines, Washington.