The National Credit Union Administration (NCUA) announced the distribution of over $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions.
“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,” said NCUA Chairman Todd M. Harper. “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.”
Grants awarded ranged from $1,100 to $100,000 across 37 states. Thirty-nine grantees were minority depository institutions, receiving nearly $1.4 million collectively. Eighteen grantee credit unions were first-time applicants. The awards were distributed across 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
The NCUA received 271 grant applications requesting more than $8.3 million during the 2024 grant round.
Details about CDRLF grants and a list of awardees are available on the NCUA website. The Office of Credit Union Resources and Expansion administers these grants to eligible credit unions while supporting various other needs within the sector.
The NCUA is an independent federal agency established by Congress to regulate, charter, and supervise federal credit unions. It operates the National Credit Union Share Insurance Fund backed by the full faith and credit of the United States, insuring deposits for over 135 million account holders in federal credit unions and most state-chartered credit unions. Additionally, it focuses on consumer protection and financial literacy education.
For media inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572
