Community Development Revolving Loan Fund (CDRLF)
The National Credit Union administration's Grant and Loan Program (also known as the Community Development Revolving Loan fund), which was established by Congress, makes Loans and Grants to low-income designated credit unions.
|
|
|
|
A low-income designated credit union is one that is: a) federally-chartered and designated as a "low-income" credit union (LICU) as set forth in Section 701.34 of NCUA's Rules and Regulations; or b) state-chartered with an equivalent low-income designation from its respective state supervisory authority (SSA) and concurrence from NCUA. |
|
|
|
|
The grant and loan program consists of Congressional appropriations that are administered by the Office of Small Credit Union Initiatives (OSCUI).
Loan Program - NOW ACCEPTING APPLICATIONS
The OSCUI loan program provides low-cost funds to credit unions in support of a variety of financial and related services designed to meet the particular needs of the members and low-income community served.
Effective May 22, 2012 low-income designated credit unions may apply online for a loan with a 0.40% rate, 5 year maturity, balloon note (principal will be due at maturity).
Refer to the following links for additional information:
Grant Program
Grants are reimbursable monetary awards provided to support low-income communities. There are several funding initiatives under the grant program each year.
For the 2012 Grant Round 1, credit unions were able to apply online for funding from May 22, 2012 to June 29, 2012 (5PM EST) under the following initiatives:
Financial Literacy & Education in School Branches
New Product/Service Development
Staff, Official, and Board Member Training
Student & Job Creation Internship
Volunteer Income Tax Assistance
OSCUI reviewed all applications at the same time. Click the following link for a list of credit unions that will receive awards under this round: List of Credit Unions Awarded Grants Under the 2012 Grant Round 1
Credit unions experiencing an unexpected or unplanned cost, such as costs as a result of a natural disaster, may apply for grant funds under the Urgent Needs Initiative year-round.
Refer to the following links for additional information:
Monthly Reports of OSCUI Loan & Grant Activities
Additional Resources