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NCUA Provides $3.7 Million in Grants and Loans to Help Credit Unions Meet COVID-19 Needs

September 2020
NCUA Provides $3.7 Million in Grants and Loans to Help Credit Unions Meet COVID-19 Needs

ALEXANDRIA, Va. (Sept. 15, 2020) – The National Credit Union Administration awarded $3.7 million in grants and no-interest loans to 162 low-income credit unions, helping them provide affordable financial services to their members and communities during the COVID-19 pandemic.

In April, the agency committed the majority of its 2020 Community Development Revolving Loan Fund allocation to COVID-19 assistance. The grants and loans went to low-income credit unions in 40 states and the District of Columbia.

The NCUA awarded 153 grants totaling nearly $1.5 million. Of those, 32 credit unions were first-time grant recipients. Forty-eight credit unions were minority depository institutions. Grant awards ranged from $900 to $10,000. The agency also approved nine no-interest loans of $250,000 each.

The grants and loans fell into four categories:

  • Rental, mortgage, and utility payment assistance to members such as entrepreneurs, small business owners, and hospitality and service industry employees;
  • Loan payment relief to affected members;
  • New products or services for affected members; and
  • Covering costs associated with moving credit union operations to remote locations, such as laptops, software, and short-term rentals.

Additionally, urgent need grants remain available. Eligible federally insured, low-income-designated credit unions can receive up to $7,500 for emergency and natural disaster relief. Low-income credit unions that wish to apply for urgent need grants should review the NCUA’s grant guidelines and apply through the agency’s CyberGrants portal (You will be leaving and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .

The NCUA’s Office of Credit Union Resources and Expansion administers grant funding provided by the CDRLF, which offers grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with $22.8 million for these grants.

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