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On April 18, 2022, the National Credit Union Administration (NCUA) announced eligible low-income credit unions seeking Community Development Revolving Loan Fund (CDRLF) grants this year can begin applying May 2 through June 24.
The CDRLF provides eligible credit unions the resources to provide basic financial services to their members and stimulate economic activities in their communities. This year’s funding initiatives, include training, digital services and cybersecurity, credit union mentoring and underserved outreach.
With more than $1.5 million in funds available, the NCUA will award grants to the most qualified applicants, subject to availability of funds. The funds fall into the following categories with the maximum award amounts:
1. Underserved Outreach (Maximum Award of $50,000)
Assisting credit unions in expanding their reach to underserved communities and improve the financial well-being of their members.
2. Small Credit Union Mentoring (Maximum Award of $25,000)
Pairing small credit unions with those that are larger to help mentor them to build capacity and expand service offerings to their members.
3. Digital Services and Cybersecurity (Maximum Award of $10,000)
Aiding credit unions in the modernization of their information and security systems to protect themselves and members from cyberattacks.
4. Training (Maximum Award of $5,000)
Strengthening credit unions through succession planning, leadership development and staff education.
To begin the application process, eligible credit unions must have an active account with the System for Award Management (SAM) and unique entity identifier number (provided upon registration with SAM). Applications must be submitted through the NCUA’s CyberGrants portal. Eligible credit unions with an existing SAM registration must recertify and maintain an active status annually.
To learn more about grant requirements or the application process, visit the NCUA’s website or contact the NCUA’s Office of Credit Union Resources and Expansion for additional questions. Doeren Mayhew’s Financial Institutions Group also stands ready to support credit unions through the application process or provide assistance in determining if your credit union is eligible for the grant. Contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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