ALEXANDRIA, Va. (3/21/12)--Eligible credit unions may now submit applications for the 2012 round of the Community Development Revolving Loan Fund (CDRLF) Loan Program, the National Credit Union Administration (NCUA) announced in Tuesday's edition of the Federal Register.
The CDRLF provides loans and technical assistance to federal and state credit unions that are designated as low-income credit unions, as defined by NCUA regulations. Assets in the CDRLF, including interest earned and appropriations, totaled $17.5 million as of Sept. 30, 2011, and the Obama administration has requested an additional $1.19 million in CDRLF funding in its proposed 2013 budget.
The NCUA noted that Congress has not made an appropriation to the CDRLF for loans for Fiscal Years 2012-2013, but said it expects to lend approximately $11 million in this application cycle. The agency expects the maximum loan amount for this cycle to be around $300,000, but said it could exceed that cap in some circumstances.
The agency said it would accept applications from May 22 until Dec. 31, but warned that available funds may be exhausted before the end of the year.
For more on this CDRLF funding round, use the resource link