Markets Wired

Approximately $2 Million Available; Application Deadline is Aug. 18

ALEXANDRIA, Va. (June 26, 2018) – Low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications July 1.

The NCUA will administer approximately $2 million in CDRLF grants to the most qualified applicants, subject to the availability of funds. Credit unions may apply for a grant in one of three categories:

• Digital Services and Security (maximum grant $10,000): Helping credit unions create digital relationships with members.
• Leadership Development (maximum grant $10,000): Promoting career development within the credit union industry.
• Underserved Outreach (maximum grant $20,000): Assisting credit unions in improving the financial well-being of individuals in underserved areas.

Applications for funding must be received no later than Aug. 18 at 11:59 p.m. Eastern time.

Grant requirements, application instructions, and other information are available in the 2018 Grant Round Application Guideline (opens new window).

Federal law requires that credit unions have an active registration with the federal government’s System for Award Management (opens new window) prior to applying for funding. Credit unions interested in applying for CDRLF grants are encouraged to register in SAM.gov or recertify existing SAM.gov accounts as soon as possible. SAM.gov is an official U.S. government website that collects, validates, stores, and disseminates business information about the federal government’s trading partners in support of contract awards, grants, and electronic payment processes.

The U.S. General Services Administration is implementing new processes (opens new window) to verify the identity of both new and existing registered entities. This may affect how long it takes the GSA to activate or recertify SAM.gov accounts. Credit unions registering a new account in SAM.gov or recertifying an existing SAM.gov account must now submit a notarized letter to SAM.gov stating that they are the authorized Entity Administrator within 30 days of account activation.