The National Credit Union Administration (NCUA) has announced the opening of the 2024 Community Development Revolving Loan Fund (CDRLF) grant round, with more than $3.4 million available for low-income-designated credit unions. The application period for these grants will run from May 1 to July 1.
NCUA Chairman Todd M. Harper emphasized the importance of these grants, stating, "These grants give eligible credit unions the resources needed to support the financial needs of their members and communities. They create new, safe, fair, and affordable financial products and services and expand existing services. They bolster cybersecurity, build capacity, and train new leaders."
The grants will be awarded in five categories and one pilot initiative, with maximum award amounts ranging from $5,000 to $100,000. These categories include Underserved Outreach, MDI Capacity Building, Consumer Financial Protection, Digital Services and Cybersecurity, Training, and Impact Through Innovation.
To be eligible for a CDRLF grant, credit unions must have a low-income designation. Minority depository institution credit unions without this designation are not eligible for funding in this year's grant round. Credit unions interested in applying are encouraged to review the 2024 Notice of Funding Opportunity in the Federal Register and submit their applications online through the NCUA's CyberGrants portal.
In addition to the low-income designation, credit unions applying for a CDRLF grant must have an active account with the System for Award Management (SAM) and a unique entity identifier number. SAM registration is free, and existing users must recertify and maintain an active status annually.
The NCUA, as the independent federal agency overseeing federal credit unions, aims to support and regulate credit unions while also educating the public on consumer protection and financial literacy issues.
For more information about the CDRLF grants or eligibility requirements, credit unions can contact the NCUA's Office of Credit Union Resources and Expansion at dcamail@ncua.gov or CUREAPPS@ncua.gov.
For media inquiries, please contact Joe Adamoli at JAdamoli@ncua.gov or 703.518.6572.