The National Credit Union Administration (NCUA) announced applications for the 2021 round of Community Development Revolving Loan Fund (CDRLF) grants will be accepted starting May 3, 2021.
The agency will distribute up to $1.5 million to low-income-designation credit unions. Grants will be awarded in three categories: underserved outreach, with a maximum award of $50,000; minority deposit institution mentoring, with a maximum award of $25,000; and digital services and cybersecurity, with a maximum award of $7,000.
“I want to encourage all eligible credit unions to consider applying for a CDRLF grant this year,” NCUA Chairman Todd Harper said in a release. “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.”
To be eligible for a CDRLF grant, a credit union with a low-income-designation must also 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.
Applications will be accepted until June 26, 2021. Other grant requirements, application instructions, and more important information are available on the NCUA grants page. Information is also published in the Federal Register.