More than $3.4 Million Available; Credit Unions Should Review Eligibility
ALEXANDRIA, Va. (April 3, 2024) – Low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants between May 1 and July 1.
“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.”
The 2024 CDRLF grant round is open to credit unions with a low-income designation. Minority depository institution credit unions are not eligible for funding in this year’s grant round if they do not have the low-income designation. Credit unions with questions about the low-income designation should contact the NCUA’s Office of Credit Union Resources and Expansion at dcamail@ncua.gov.
The agency will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds, and will host a webinar in May to explain the grants process. Grants will be awarded 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 (maximum award of $100,000) — Providing Phase II funding for this pilot initiative to credit unions that received Phase I grants in 2023.
The 2024 Notice of Funding Opportunity is available for review in the Federal Register, and there is a link to the notice on the NCUA’s Grants webpage. Grant applications must be submitted online through the NCUA’s CyberGrants portal. Grant application and post-award guidelines will be posted on the Grants page prior to the opening of the grant round.
Credit unions with other questions about CDRLF grants may contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov.
Eligibility Requirements
In addition to the low-income designation, a credit union applying for a CDRLF grant must have an active account with the System for Award Management, or SAM, and a unique entity identifier number they will receive when they register for a SAM account.
Credit unions with an existing registration with SAM must recertify and maintain an active status annually. There is no charge for the SAM registration and recertification process. SAM users can register or recertify their account by following the registration instructions on the website.