NCUA Makes $13 Million Available In Low-Interest Loans For LICUs
By CU Today Staff —
ALEXANDRIA, Va. ― NCUA Wednesday announced that $13 million is available for loans to low-income-designated credit unions under the Community Development Revolving Loan Fund (CDRLF).
Loans will be awarded for up to $500,000 at an interest rate of 1.5% per year up to five years, the agency said.
Currently Accepting Applications
NCUA accepts applications on an ongoing basis through the NCUA grant and loan management system. Loans can be used for:
Credit Unions Should Check Eligibility
A credit union must have the low-income designation to apply and maintain an active registration with the System for Award Management. There is no charge for this registration or recertification. SAM.gov users can register or recertify by following the instructions on the website, NCUA noted.
Loan Application Guidelines are posted on the NCUA’s Loans webpage. Interested credit unions also may contact the NCUA’s Office of Credit Union Resources and Expansion with any questions by emailing to CUREAPPS@ncua.gov.
Originally reported by CU Today.