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| $13M in CDRLF Grants now available for LID Credit Unions |
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NCUA has $13 million available for loans to low-income-designated (LID) credit unions under the Community Development Revolving Loan Fund (CDRLF). It will award loans amounting up to $500,000 at an interest rate of 1.5% per year for up to five years.
Credit unions can submit applications on an ongoing basis through the agency’s grant and loan management system. Loans are available for:
• Development of new products or services for members;
• Partnership arrangements with community-based service organizations or government agencies;
• Loan programs;
• Acquisition, expansion, or improvement of office space or equipment; and
• Operational programs.
Loan application guidelines are on NCUA’s website. Credit unions must have the low-income designation to apply and maintain an active registration with the federal government’s System for Award.
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