NCUA grants allow low-income credit unions to expand service, build capacity
NCUA has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.
The NCUA awarded grants ranging from $1,400 to $50,000 to credit unions in 43 states and the District of Columbia. Twenty-eight credit unions were first-time grant recipients. Sixteen grantees were minority depository institutions. The NCUA made awards in four categories:
- Underserved outreach: 21 grants totaling $943,488
- Small Low-Income Credit Union (LICU) mentoring: 3 grants totaling $75,000
- Digital services and cyber security: 52 grants totaling $484,165
- Training: 14 grants totaling $64,510
During the 2022 grant round, the agency received 220 grant applications totaling more than $4.7 million.
The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities.
The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.