Loan awards are available for low-income designated credit unions (LICUs) through the program that helps the credit unions support the communities in which they operate, the federal credit union regulator will announce as early as Wednesday.
In a notice scheduled for publication in the Federal Register, the National Credit Union Administration (NCUA) will announce that approximately $3.6 million will be available for loans. Typically, the agency said, the loans range in size from $250,000 to $500,000.
The loans are provided by the agency’s Community Development Revolving Loan Fund (CDRLF), through congressional appropriations that are administered by the NCUA. According to the agency, since the fund’s inception approximately $13.4 million has been appropriated by Congress for revolving loans through the CDRLF program.
Complete details about how to apply for loans, how the loans may be used, and more is available in the agency notice about the awards.