$1.5 Million Available; Credit Unions Should Review Eligibility Before Applying
ALEXANDRIA, Va. (April 15, 2021) – Low-income-designated credit unions seeking Community Development Revolving Loan Fund grants in 2021 will be able to apply between May 3 and June 26, the National Credit Union Administration announced today.
“I want to encourage all eligible credit unions to consider applying for a CDRLF grant this year,” NCUA Chairman Todd M. Harper said. “These grants make a tremendous difference to small, low-income and minority credit unions working to provide more and better services to their members and communities or seeking to bolster their own capacity. As these credit unions and their members continue to disproportionately face the challenges of the COVID-19 pandemic, this funding is very important.”
The agency will administer approximately $1.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds. Grants will be awarded in three categories:
- Underserved Outreach (maximum award of $50,000);
- Minority Depository Institution Mentoring (maximum award of $25,000); and
- Digital Services and Cybersecurity (maximum award of $7,000).
Grant requirements, application instructions, and other important information are available on the grants program page of NCUA.gov. Credit unions will use the NCUA’s cybergrants portal (opens new window) to submit their applications. Credit unions with other questions about CDRLF grants may contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov.
In addition to being a low-income-designated institution, a credit union must have an active account with the federal government’s System for Award Management (opens new window), a Data Universal Number System number (opens new window), and a Commercial and Government Entity number to be eligible for the program. First-time System for Award Management users can register by following the instructions in the Quick Start Guide for New Registrations (opens new window). Credit unions with an existing SAM registration must recertify and maintain an active status annually. They can recertify or renew their SAM account status by following the instructions in the Quick Start Guide for Renewing Registrations (opens new window). Credit unions may obtain a Data Universal Number System number by visiting the Dun & Bradstreet website (opens new window) or calling 1.866.705.5711 to register or search for a DUNS number.