NCUA kicks off 2009 CDRLF program

ALEXANDRIA, Va. (11/5/09)--The National Credit Union Administration (NCUA) on Wednesday announced that it has opened the 2009 edition of its Community Development Revolving Loan Fund (CDRLF) program.

The CDRLF is administered by the NCUA's Office of Small Credit Union Initiatives and the funds are used for such things as improved financial services for members and stimulating community economic development through financial education programs, free tax preparation and asset-building services, and improved credit union operations.

The application period began on Nov. 4 and will end on Dec. 30. Credit unions that will be awarded funds will be notified on March 1.

In statements accompanying the release, NCUA Chairman Debbie Matz encouraged "low income-designated federal and state-chartered credit unions that have received NCUA concurrence to apply" for CDRLF funds. "I can't think of a more opportune time to assist your members and at the same time support your community," Matz added.

Eligible credit unions may apply for as much as $300,000 in funding from the CDRLF, which has $3 million in funds available for credit unions.

The House in July approved $1.25 million in CDRLF funding for the 2010 fiscal year as part of the General Government Appropriations Bill. The NCUA in May of this year had requested $1 million in funding for the CDRLF for 2010.

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