The National Credit Union Administration (NCUA) has announced changes to its Community Development Revolving Loan Fund (CDRLF), expanding eligibility for Newly Chartered and Urgent Needs grants. The maximum grant amount available to low-income-designated credit unions will increase from $7,500 to $15,000.
These grants are intended to help credit unions recover from natural disasters and other emergencies. Additionally, newly chartered credit unions that have been in operation for less than 10 years and have assets of $10 million or less can now apply for funding to support operational costs.
“Expanding grants to low-income designated credit unions is a lifeline that can help them find stable ground and be able to grow for the future,” said NCUA Chairman Kyle Hauptman. “These credit unions are often the first and only line of financial support for families, small businesses, and the surrounding community and when they struggle, so do the people who depend on them. Targeted grant funding strengthens the capacity of credit unions at critical moments to ensure stability, innovation long term economic resilience.”
Further details about eligibility requirements and application procedures can be found in the Newly Chartered and Urgent Needs Grant Guidelines. Interested applicants may also contact staff at NCUA’s Office of Credit Union Resources and Expansion by email.
The NCUA is a U.S. government agency responsible for regulating, chartering, and supervising federal credit unions nationwide (official website). It manages the Share Insurance Fund that insures deposits of more than 145 million account holders in both federal and most state-chartered credit unions. The agency provides regulatory oversight, charters new institutions, offers online tools such as the Share Insurance Estimator for deposit coverage information, supports cybersecurity efforts, releases performance reports, and helps locate federally insured credit unions (official website).
Kyle Hauptman currently serves as chairman of the National Credit Union Administration Board (official website).
For additional information or media inquiries regarding these changes or other programs administered by NCUA, interested parties may contact OEACmail@ncua.gov or call 703.518.6330.
