Programs like the Community Development Financial Institutions (CDFI) Fund have been facing an uphill battle all year as the Administration has sought to cut programs and remove staff from government. Most recently, the government shutdown the last 34 days has put a halt to a lot of beneficial programs on which Americans depend.
As if to let credit unions know not everything has been halted, the National Credit Union Administration issued a reminder on Monday that yes, it is still accepting grant applications through its Community Development Revolving Loan Fund (CDRLF). The grants provide funding for low-income designation (LID) credit unions, with the NCUA set to award approximately $3,465,000 in CDRLF funds to up to 115 LID credit unions.
Interested LIDs can apply for up to two initiatives, though they can be awarded no more than one grant. The initiatives credit unions can apply for include Phase III funding for the “Impact Through Innovation” pilot; increasing capacity of new charters; expanding access to underserved communities; student internships; technology and cybersecurity improvements; and training (e.g. succession planning and leadership development).
Each category comes with a maximum award ranging from $25,000 to $100,000. In 2024, the average CDRLF grant award was $26,000, making it a valuable program for applicable credit unions.
Interested credit unions that meet the qualifications have until December 16, 2025 to apply. To assist in the application process, the NCUA published a YouTube video with guidance on applying for the 2025 grant round.
