On July 8, the National Credit Union Administration announced that it has extended the deadline for applying for the 2024 Community Development Revolving Loan Fund (CDRLF). Interested and eligible credit unions now have until July 12 to submit their application.
In an April announcement, NCUA shared that it would be opening its application period for the Community Development Revolving Loan Fund (CDRLF) on May 1. The CDRLF is open to low-income-designated credit unions (LICUs). In previous years, MDIs were also eligible, but NCUA announced that they would not be eligible for funding in 2024 without also being a Low-Income Credit Union (LICU).
In a statement released by NCUA Chairman Todd Harper, he said, “These grants give eligible credit unions the resources needed to support the financial needs of their members and communities. They create new, safe, fair, and affordable financial products and services and expand existing services. They bolster cybersecurity, build capacity, and train new leaders. There are nearly 2,500 low-income credit unions across the country, so there is a lot of potential for putting these grants to work in rural and under-resourced communities.”
The CDRLF will administer more than $3.4 million to LICUs. Grants will fall under five primary categories, with a maximum award of $50,000—the ceiling differs by category. LICUs can apply for funds in the following areas:
- Underserved Outreach (up to $50,000): expanding access to areas of the credit union’s community that may be unbanked or underserved.
- MDI Capacity Building (up to $50,000): specifically directed at Minority Depository Institutions and improving their ability to serve minority populations.
- Consumer Financial Protection (up to $10,000): to assist in improving the credit union’s fraud prevention resources and educating members on risks.
- Digital Services & Cybersecurity (up to $10,000): for investment in IT solutions and systems to protect the credit union and members from cyberattacks.
- Training (up to $5,000): for internal training, succession planning, and leadership development.
Credit unions interested in learning more about the 2024 CDRLF grants can find that information on the NCUA website.
