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NCUA Accepting Community Development Grant Apps
Wednesday, June 21, 2017 6:35 AM

​Approximately $2 Million Available for Federal Credit Unions

The National Credit Union Administration is accepting applications from low-income credit unions for the Community Development Revolving Loan Fund grants. Application deadlines depend on the type of grant applied for. See details below.

Funding Categories and Deadlines
Each credit union may apply for funding for one of three initiatives, as well as a separate initiative to support outreach to people living in underserved communities:

  • Leadership development (maximum grant $10,000)—Credit unions may use this grant to promote career development, management succession planning, diversity and inclusion training, or structuring essential employment positions. Funding deadline:  July 31 at 3 p.m. (ET).
     
  • Digital services and security (maximum grant $7,500)—Credit unions can improve digital member services as well as cybersecurity and fraud prevention under this initiative. This grant can be used to offer services like remote deposit capture, digital payments and wallets, or mobile loan applications or to provide cybersecurity training or digital encryption. Funding deadline:  July 31 at 3 p.m. (ET).
     
  • Small, low-income credit union capacity (maximum grant $7,500)—Credit unions with assets of less than $30 million may apply for funding under this initiative to address operational challenges such as upgrading technology systems for greater efficiency and improved operations. Applicants must fall under the $30 million asset limit. Funding deadline:  July 31 at 3 p.m. (ET).
     
  • Underserved communities (maximum grant $25,000)—Each credit union may apply for a grant to support projects designed to reach people living in underserved communities. Funding deadline: Aug. 31 at 3 p.m. (ET).

An online application form, an explanation of grant requirements, and other information are available on NCUA’s website here. Through a competitive application process, NCUA’s Office of Small Credit Union Initiatives will determine the credit unions’ eligibility and administer approximately $2 million to the most qualified applicants, subject to the availability of funds.