Credit unions eligible for Community Development Revolving Loan Fund (CDRLF) grants in 2023 can apply between May 1 and June 30.
The agency will administer approximately $3.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.
Grants will be awarded in five categories:
Underserved Outreach (maximum award of $50,000) — Helping credit unions expand safe, fair and affordable access to financial products and services 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, raise awareness of potential frauds, and facilitate access to fair and affordable financial services;
Digital Services and Cybersecurity (maximum award of $10,000) — Providing assistance to credit unions to modernize information and security systems to better protect themselves and their members from cyberattacks; and
Training (maximum award of $5,000) — Strengthening credit unions through succession planning, leadership development, staff education, and professional development.
During this year’s funding round, NCUA is also piloting two new grant initiatives that eligible credit unions may apply for:
Impact Through Innovation (maximum award of $100,000) — A pilot initiative addressing underserved communities by focusing on banking deserts, affordable housing, credit invisibles, and fintechs; and
Small Credit Union Partnership (maximum award of $100,000) — A pilot initiative helping small credit unions pool their resources to help them achieve their growth objectives.
Interested credit unions are encouraged to read the Notice of Funding Opportunity. Grant requirements, application instructions, and other important information are available on the grants program page of NCUA.gov.
Credit unions with other questions about CDRLF grants may contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov.
The 2023 CDRLF grant round is open to credit unions with either a low-income designation or certification as a minority depository institution. A credit union applying for a CDRLF grant must have an active account with the System for Award Management, or SAM, and a unique entity identifier number they will receive when they register for a SAM account.
Credit unions with an existing registration with SAM must recertify and maintain an active status annually. There is no charge for the SAM registration and recertification process. SAM users can register or recertify their account by following the instructions for registration.
Credit unions with additional questions about the low-income designation may contact the NCUA’s Office of Credit Union Resources and Expansion at dcamail@ncua.gov. Questions about the MDI designation or the NCUA’s MDI Preservation Program should be sent to curemdi@ncua.gov.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
