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.
“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:
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 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, a Data Universal Number System number, 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. 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. Credit unions may obtain a Data Universal Number System number by visiting the Dun & Bradstreet website or calling 1.866.705.5711 to register or search for a DUNS number.
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
The Memo is DakCU's newsletter that keeps
Want the Memo delivered straight to your inbox?