Credit unions awarded $1.5m+ in CDRLF grants

by QCash Financial CUSO

The success of infusing financial inclusion and health opportunities into the United States’ low-income designated credit unions continue with the announcement of the NCUA’s Community Development Loan Fund grants!

The beginning of September 2022 saw the National Credit Union Administration (NCUA) award more than $1.5 million in Community Development Revolving Loan Fund grants to 90 low-income designated credit unions. The funds are earmarked to expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.

The NCUA announced the organization awarded grants ranging from $1,400 to $50,000 to credit unions in 43 states, including the District of Columbia. In total, 28 credit unions were designated first-time grant recipients while 16 cooperatives were minority depository institutions (MDIs), according to the NCUA.

Two of the $50,000 awards went to two Indianapolis, Ind., credit unions, Harvester Federal Credit Union and Northpark Community Credit Union, for underserved outreach.

 

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