ALEXANDRIA, Va. — NCUA recently announced that its Community Development Revolving Loan Fund has maxed out and set a new record.
The CDRLF, which makes low-cost loans and grants to low-income designated credit unions, has processed 40 loans this year totaling over $7 million. Lending now has exceeded $13 million, the largest number of loans approved in a single year and the largest dollar amount for loans ever recorded.
By comparison, NCUA approved 24 CDRLF loans for $3.3 million in 2002, ending the year with nearly $8 million in loans outstanding. The next year it was just seven loans at $1 million with $5.3 million outstanding. However, last year it was back up to 23 loans for $4 million with a yearend outstanding balance of $7.4 million until the record set this year.
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