2024 NCUA CDRLF Grants Now Open

Handful of coins with growing sprout, closeup view
Strategy / Uncategorized

2024 NCUA CDRLF Grants Now Open

The NCUA will administer more than $3.4 million in Community Development Revolving Loan Fund (CDRLF) Grants to low-income designated credit unions. NCUA Chairman Todd M. Harper said, “These grants give eligible credit unions the resources needed to support the financial needs of their members and communities.”

Eligibility Requirements: In addition to a low-income designation, credit unions must be registered with the System for Award Management (SAM.gov) and have a unique identity identifier number after registering on the site. Applications are open until July 1, 2024. 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.

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 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 protect themselves better and their members from cyberattacks.

  • Training (maximum award of $5,000): Strengthen 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.

Additional Resources: More information about the grants and the application process can be found here. Credit unions with other questions about CDRLF grants may contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov.