Agency reminds that applications for low-income credit union grants, targeting pandemic needs, taken until May 22

Eligible low-income credit unions have until May 22 to apply for Community Development Revolving Loan Fund (CDRLF) grants to meet their needs and needs of their members during the COVID-19 pandemic, the federal credit union regulator said in a “reminder” message Wednesday.

According to the National Credit Union Administration (NCUA), it is committing $1.375 million in grants— most of the 2020 Community Development Revolving Loan Fund (CDRLF)appropriation—to COVID-19-related efforts. “These immediate priorities mean the agency will not make grants in the traditional categories in 2020,” the agency said in a release.

The agency said that credit unions may apply for the grants through the portal on its website. “Given the anticipated need, the NCUA’s Office of Credit Union Resources and Expansion (CURE) will work to review grant applications as quickly as possible,” the agency said, adding that “credit unions should review the agency’s grant guidelines prior to making their applications.

The grants have a maximum award of $10,000 and are awarded on a rolling basis throughout the open application period. The agency said minority depository institutions and credit unions with less than $100 million in assets will receive priority. NCUA said it will make awards on a first-come, first-serve basis until the earmarked funds are fully exhausted.

NCUA CyberGrants portal