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Michigan Credit Union League

NCUA Awards $2 Million in Grants to 203 Low-Income Credit Unions

The National Credit Union Administration (NCUA) recently awarded $2 million in grants to 203 low-income credit unions from its Community Development Revolving Loan Fund (CDRLF). Earlier this year, the Credit Union National Association (CUNA) successfully fought to restore funding when the fund was zeroed out for fiscal year 2018.

Grand awards ranging from $1,300 to $20,000 were made to credit unions in 42 states and the District of Columbia. Of the credit unions who received grants, 44 are first-time recipients and 28 are minority depository institutions. A total of 243 credit unions made grant requests of $2.5 million this year.

The NCUA made awards in three categories:

  • Digital services and security: 141 grants totaling $1,251,670
  • Leadership development: 40 grants totaling $350,760
  • Underserved outreach: 22 grants totaling $397,570

Eight Michigan credit unions received funding in this year’s NUCA grant cycle, all for digital services and security:

  • Advantage One CU, $9,800
  • Eastpointe Community CU, $10,000
  • Kent County CU, $2,500
  • Lake Huron CU, $10,000
  • Limestone FCU, $10,000
  • Service 1 FCU, $10,000
  • Shore to Shore Community CU, $10,000
  • Torch Lake CU, $10,000

CDRLF grant funding is administered by the NCUA’s Office of Credit Union Resources and Expansion. For more information on the NCUA’s low income designation and CDFI grants, click here.

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2018-11-02 00:00:00