Federally insured, low-income-designated credit unions can request grants and loans from NCUA to assist members, businesses, and communities experiencing economic hardships due to the COVID-19 pandemic. Eligible credit unions may apply for the COVID-19 Emergency Response grants or loans now through May 22 using the NCUA’s CyberGrants portal.
Loans have a maximum award of $250,000 and will mature in three years. There will be no interest rate applied to loans awarded under this initiative throughout the full term of the loan.
All loans must be repaid to the NCUA regardless of how they are accounted for by the credit union. The entire principal is due at maturity. There is no penalty for principal prepayment. Principal prepayments may be made as often as monthly.
Grants, with a maximum award of $10,000, will be awarded on a rolling basis throughout the open application period. Minority depository institutions and credit unions with less than $100 million in assets will receive priority.
The NCUA will make awards on a first-come, first-serve basis until the allocated funds are fully exhausted.
An additional $700,000 in grant funds for digital services and cybersecurity, training, MDI mentoring, and underserved outreach initiatives will be available.
Applications for those funds will be accepted between May 1 and June 30. Additional information on these initiatives will be available as the opening date of the application round approaches.
The NCUA’s Office of Credit Union Resources and Expansion will award grants and loans to low-income credit unions to:
Funding for this initiative is provided by the Community Development Revolving Loan Fund, which Congress created to support credit unions serving low-income communities.