Effective Tuesday, the NCUA will accept 2012 grant and loan applications for the Community Development Revolving Loan Fund, available to 1,110 low-income designation credit unions.
The NCUA also posted a new YouTube video about the Community Development Revolving Loan Fund application process.
“This year, we are making $1.3 million available for grants and $11 million for lending, said NCUA Board Chairman Debbie Matz. “To help more credit unions access these funds, we have created a new video that highlights how the program works and the new, streamlined application process.”
“All of NCUA’s work to improve our grant and loan programs reflects the agency’s strong commitment to help low-income credit unions thrive,” said Matz, who is featured in the new video. “Low-income credit unions are extremely important to their communities. They fill a crucial role by providing needed access to financial products and services for individuals of modest means. These grants and loans are designed to provide vital assistance to low-income credit unions so they will be available to serve their members for many years to come.”
NCUA’s Office of Small Credit Union Initiatives administers the CDRLF and the grant application process. Grants are available for as much as $25,000 with an application deadline of June 29. In 2012, credit unions will experience a streamlined CDRLF application program. Specific changes include: