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NCUA: Over $3.4M Low-Income Credit Union Grants Available

Low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants between May 1 and July 1.

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.

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.

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.

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