Citing “more opportunities” available through $3.4 million in a fund for low-income credit unions, their federal regulator Wednesday said more of them should “review their eligibility” for applying for grants.
In a release, the National Credit Union Administration (NCUA) said the availability of funding for low-income designated (LID) credit unions through its Community Development Revolving Loan Fund (CDRLF) this year features changes to the grant program that provides “more options” when they apply for grants. Among them: awarding grants in two separate “initiatives.”
“In 2025, the NCUA is making changes to the CDLRF process to further serve LID credit unions,” the agency said. “Although LID credit unions may only be awarded one award, they may apply for awards in two separate initiatives. If a LID credit union applies for a grant but is not awarded the grant, the LID credit union may elect to convert the grant application into a CDRLF loan application.”
The agency said it expects to award approximately $3,465,000 in CDRLF funds to “anywhere between 85 to 115 LID credit unions.” It said the grant application period opens on Oct. 15 at noon ET, and closes Dec. 16 at 11:59 p.m., ET.
Eligibility for the grants rests on two factors, the agency indicated. First, a credit union must have the low-income designation to apply. Second, it also must have an active registration with the System for Award Management (SAM), a program managed by the General Services Administration (GSA) of the federal government. Credit unions with an existing registration must recertify and maintain active status annually, NCUA said. There is no charge for registering.
NCUA said 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.
CDRLF Grant Round Offers More Opportunities
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