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Community Development

Community Development Revolving Loan Fund Program for Credit Unions

NATIONAL CREDIT UNION ADMINISTRATION, NATIONAL CREDIT UNION ADMINISTRATION

Opportunity #: 44.002

Award Ceiling
$3.5M
Award Floor
N/A
Close Date
N/A
Total Funding
$3.5M
Cost Sharing Required
No
Grants.gov ID
cfda-44.002

Description

The purpose of the Community Development Revolving Loan Fund (CDRLF) is to expand access of financial products and services, and increase diversity, equity, and economic inclusion to underserved communities. Through the CDRLF, the NCUA provides financial support in the form of loans and technical assistance grants to low-income designated credit unions (LICUs) serving predominantly low-income members to modernize, build capacity, extend outreach into underserved communities, and respond to emergencies. Types of Assistance: DIRECT PAYMENTS FOR SPECIFIED USE;DIRECT LOANS Deadlines: {"flag":"yes","description":"The NCUA accepts loan applications on a continuous basis subject to funding availability.","list":[{"start":"2023-05-01","end":"2023-07-07","description":"The NCUA will accept applications beginning May 1, 2023, at 9:00 a.m. eastern time (ET). Applications must be submitted by July 7, 2023, at 11:59 p.m. ET."}]} More info: https://www.ncua.gov/support-services/credit-union-resources-expansion/grants-loans

Eligible Applicants

This NOFO is open to credit unions that meet the eligibility requirements defined in 12 C.F.R. part705. A credit union must be, or has agreed to be, examined by NCUA and meets the definition of low-income designation in order to participate in the CDRLF. Non-Federally Insured Applicants: Each Applicant that is a non-federally insured, state-chartered credit union must submit additional application materials. These additional materials are more fully described in 12 C.F.R. � 705.7(b)(3) and in the application. Non-federally insured, state-chartered credit unions must agree to be examined by the NCUA. The specific terms and covenants pertaining to this condition will be provided in the award agreement of the Participating Credit Union.

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