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Low income CUs eligible for NCUA loans and grants
The NCUA has announced federally insured, low-income-designated credit unions can request grants and loans from the NCUA to assist members, businesses, and communities experiencing economic hardships due to the COVID-19 pandemic.
The NCUA’s Office of Credit Union Resources and Expansion will award grants and loans to low-income credit unions to:
- Provide assistance to schools with children in need, including providing breakfast and lunch;
- Provide assistance to elderly members needing food and medication delivery services;
- Offer rental, mortgage, and utility payment assistance to members such as entrepreneurs, small business owners, and hospitality and service industry employees;
- Offer loan payment relief to affected members;
- Develop a new product or service for affected members, such as offering preloaded cards; or
- Cover costs associated with moving credit union operations to remote locations: laptops, software, and short-term rentals.