Grants Awarded to Three Dakota CUs!

​NCUA has announced their CDRLF grant recipients and these credit unions will receive assistance for their important initiatives! 

The National Credit Union Administration has announced awards of more than $3.5 million in Community Development Revolving Loan Fund (CDRLF) grants to 135 low-income-designated credit unions.

CDRLF grants can provide the seed money needed for credit unions serving low-income members and under-resourced communities to grow small ideas into big initiatives. These grants also assist credit unions in reaching more people with the safe, fair, and affordable financial products and services they need, promoting consumer education, building staff capacity, and providing greater online security for their members.

The NCUA awarded grants ranging from $1,100 to $100,000 to credit unions in 37 states, including three from the Dakotas.

University FCU (Grand Forks, ND) will receive $5,000 for a training initiative focused on continuity and succession planning. According to Lacey Fetsch, CEO of University FCU, the credit union onboarded two board members in 2024. Fetsch knew from previous experience that it took new board members a year or more to feel comfortable with the material they're tasked to review. “In an attempt to shorten that timeframe, I will be sending each of my new volunteers to an in-person board of director training event hosted by America's Credit Unions,” she shared.

Fetsch requested and received a $5,000 training grant from NCUA to offset the cost of attendance. The one-week training is targeted to new board members and focuses on board governance and responsibilities, as well as how to read and understand the credit union financial statements. “I estimate it took me four minutes to complete the grant application. An engaged and informed Board of Directors is crucial to the success of a credit union. I'm pleased that I can provide education to my board members and that NCUA sees the value in training these volunteers,” she added.

Railway CU (Mandan, ND) will also receive $10,000 for their digital services and strengthened cybersecurity initiative. Railway CU President Paul Brucker stated, “We are pleased to continue our ongoing relationship with our partners at NCUA, working together to strengthen our systems in an effort to create the strongest cybersecurity possible.”

Finally, Minuteman FCU (Rapid City, SD) will receive $50,000 for expanded underserved outreach. “We couldn’t be more excited about this grant,” said Jen Walz, President/CEO of Minuteman. “We are getting ready to start our field of membership expansion project; our goal is to expand into additional counties in South Dakota and Wyoming. While we have not fully started the process yet, we do have a map drawn up of the different counties we are aiming for and why we think we are able to service those areas. We plan to use the funds to help build awareness of our credit union and the new areas we will be able to serve. We plan to engage through billboards, social media marketing, postcard mailers to target areas, and email blasts. We are also working with a third-party company to help us draft and submit our application to NCUA for the expansion itself,” she shared.

Additional information about CDRLF grants is available on the NCUA website. The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grants to eligible credit unions. The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority depository institution credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new federal credit unions.