NCUA official seal. Credit/NCUA
The NCUA announced Friday it is expanding access to emergency and startup funding for smaller institutions, doubling the maximum award under its Community Development Revolving Loan Fund (CDRLF) Newly Chartered and Urgent Needs grant programs to $15,000.
The change broadens eligibility for low-income designated credit unions and newly chartered institutions, many of which rely on the grants to recover from disasters or cover operational startup costs. Newly chartered credit unions operating for less than 10 years with assets under $10 million can now apply for assistance to help launch services and stabilize operations.
NCUA Chairman Kyle Hauptman said the expansion is intended to reinforce financial access in underserved communities, noting that struggling small credit unions often serve as a primary source of financial support for households and small businesses.
The grants can be used for disaster recovery, equipment replacement and restoring member services after emergencies. They may also fund operational needs such as training staff, launching products or implementing technology improvements.
Under the guidelines, urgent need grants remain available year-round and require a low-income designation and federal registration before applying.
NCUA officials said the increased funding aims to improve resiliency and long-term sustainability among community-focused institutions facing rising operational and environmental challenges.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.