NCUA recently awarded $1.5 million in Community Development Revolving Loan Fund (CDRLF) grants to help 105 low-income credit unions expand outreach to underserved communities and improve digital services and security. Grants ranging from $1,500 to $50,000 were awarded to credit unions in 35 states and the District of Columbia; 16 were first-time recipients and 33 grantees were minority depository institutions.
We are very pleased to report that Coteau Valley FCU, Sisseton, SD, was the recipient of one grant in the amount of $2,397 under the Digital Services & Cybersecurity initiative.
“We have applied and received several different grants through the NCUA in the past, including one last year for $10,000 to support members suffering hardships under the COVID pandemic,” said Katie Bredvik, CEO of Coteau Valley FCU. (Photo right.)
“The applications are not difficult, but you do need to explain how the grant you apply for is going to affect your credit union and your membership. It helps to share exactly what you are doing and how this change will make life easier for employees and members. Most important – pay attention to those deadlines,” she added.
She continues, “When you apply you will receive an email confirming the application was received, along with a date you will be notified whether or not you received the grant, and they stick to that date! If you do receive a grant, the email will also lay out the award amount along with the next steps to complete the process. Our $2,397 award this year will be used to offer more technology to our members, including setting up e-statements and remote deposit capture. I would recommend every credit union that qualifies to consider applying for these grants. It’s basically free money – and there is always something that can be improved at every credit union. I know our credit union has been positively impacted by the grant money that we have received; with some extra assistance, how much better could your credit union, workforce, and membership be?” she concluded.
During the 2021 grant round, the agency received 280 grant applications totaling more than $4.6 million. The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities. For more information, click here.
The Memo is DakCU's newsletter that keeps
Want the Memo delivered straight to your inbox?