Awards of more than $3.5 million to 135 low-income designated credit unions were announced Wednesday by the federal credit union regulator.
The National Credit Union Administration (NCUA) said the awards, in grants, ranged from $1,100 to $100,000 to credit unions in 37 states. The agency said 39 grantees were minority depository institutions. Those credit unions received nearly $1.4 million. Eighteen grantee credit unions were first-time applicants, the agency said.
The grants made were based on applications posted by credit unions in mid-July. Funds distributed through the awards are meant to help credit unions serve members and stimulate economic activity in their communities, the agency has said.
NCUA Awards Over $3.5 Million in Community Development Revolving Loan Fund Grants