ALEXANDRIA, Va. (Nov. 7, 2023) – The National Credit Union Administration has awarded $400,000 in Community Development Revolving Loan Fund grants to support innovative credit union pilot projects.
“The NCUA launched this pilot grants initiative to recognize creative ideas among credit unions trying to build membership and expand their reach, especially to people and communities who had little or no access to affordable financial services,” NCUA Chairman Todd M. Harper said. “We found, through the application process, original and forward-looking ideas that could serve as examples for other credit unions. It will be exciting to watch how these grants will help these ideas to mature and take hold.”
The agency awarded $100,000 in grants to four credit unions:
- CBC Federal Credit Union in Oxnard, California, to support a fintech partnership;
- Greenstate Credit Union in North Liberty, Iowa, to support affordable housing;
- ELGA Credit Union in Grand Bank, Michigan, to support outreach to banking deserts; and
- True Community Credit Union in Jackson, Michigan, to support outreach to credit-invisible populations.
Twenty-six credit unions submitted applications for more than $7.4 million under the pilot initiative.
Information about CDRLF grants and a complete list of awardees are available on the NCUA website. The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grants to credit unions. The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.