Removing Barriers Blog

COVID-19: NCUA Offers Grants and Loans to Low-Income Credit Unions
Posted March 31, 2020 by dyi

The NCUA announced that federally insured low-income credit unions can request loans or grants to assist communities experiencing hardship from COVID-19. $4 million in loans and $800,000 in grants are available. 

These loans and grants are designated credit unions to help provide: 

  • assistance to schools with children in need
  • assistance to elderly members that need food and medication delivery
  • rental, mortgage, and utility payment assistance to members such as entrepreneurs, small business owners, and hospitality and service industry employees
  • loan payment relief to affected members

Additionally, this money would help cover costs to develop a new product or service for affected members and move credit union operations to remote locations.

Eligible credit unions may apply for the COVID-19 Emergency Response grants or loans now through May 22 using the NCUA’s CyberGrants portal(opens new window).