Reminder from NCUA: Grants Available for Low-income Credit Unions

The NCUA is reminding Low-income Designated (LID) credit unions that they have until December 16 to apply for $3.4 million in grants available through the Community Development Revolving Loan Fund (CDRLF).

Grants will be awarded in six categories:

• Impact Through Innovation Pilot Initiative (maximum award of $100,000)-Providing Phase III funding for credit unions that received grants in 2023.
• New Charter Capacity Building (maximum award of $50,000)-Assisting newly chartered credit unions to increase capacity and better serve members.
• Underserved Outreach (maximum award of $50,000)-Helping credit unions expand access to underserved communities and improve members' financial well-being.
• Student Internships (maximum award of $25,000)-Enhancing credit unions' ability to offer internships to high school and college students to gain experience working in a credit union.
• Technology, Cybersecurity, and Artificial Intelligence (maximum award of $25,000)-Giving credit unions greater access to affordable digital financial products and to implement artificial intelligence services.
• Training (maximum award of $25,000)-Funding activities such as succession planning, leadership development, and consumer financial protection training.

Credit unions should be aware that the NCUA made changes to the CDLRF process which you can review here.

The NCUA encourages interested credit unions to watch a pre-recorded webinar detailing how to apply for a 2025 CDRLF grant. This webinar is available on NCUA's YouTube Channel.