The federal credit union regulator on Tuesday invited low-income credit unions affected by natural disasters such as hurricanes, flooding and other severe weather events to seek grant funds from the agency for recovery.
The National Credit Union Administration (NCUA) is making the funding available through “urgent needs” grants provided by its Community Development Revolving Loan Fund (CDRLF).
Grants of up to $15,000 each can be sought to support urgent recovery needs and help restore financial services for members, the agency said. The agency’s online “Newly Chartered and Urgent Need Grant Guidelines” cite as examples of eligible disaster relief:
- Repairing damage to the credit union that occurred from a natural disaster and is not covered by insurance.
- Replacing needed equipment to immediately restore services to members resulting from an unexpected event, such as power outages from storms.
- Paying consulting fees for activities related to the credit union’s recovery from a natural disaster.
- Providing financial services to members affected by the disaster, such as a special loan program covering members’ costs of recovering from the event.
It said in Tuesday’s release that interested credit unions should review the guidelines for eligibility requirements, allowable uses of funds, and application instructions.
“While there is no deadline for the application, affected credit unions should apply as soon after the emergency event as possible to ensure timely disbursement of grant funds,” it said.
NCUA release: Grant Funds Available to Low-Income Credit Unions Affected by Hurricanes
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