Recognizing the immediate needs of credit unions and their members in the COVID-19 pandemic, NCUA is committing the majority of the 2020 Community Development Revolving Loan Fund (CDRLF) appropriation for coronavirus disease (COVID-19) assistance.
The agency is committing $1,375,000 for grants to eligible low-income credit unions, an increase of $575,000 from the $800,000 originally announced March 31. This funding will supplant the traditional Community Development Revolving Loan Fund grant categories. The agency will make funding available for its minority depository institutions mentoring program later this year.
Eligible credit unions have until May 22 to apply for the COVID-19 emergency response grants through the NCUA’s CyberGrants portal. NCUA’s Office of Credit Union Resources and Expansion will work to review grant applications as quickly as possible.
Grant awards may be used to:
The 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 earmarked funds are fully exhausted.
Credit unions with questions should contact the Office of Credit Union Resources and Expansion by email at CUREApps@ncua.gov.