11 Northwest Low-Income Credit Unions Garner $265,500 in NCUA Funding
September 14, 2021
The National Credit Union Administration recently invested $265,500 in the work of 11 Northwest credit unions striving to expand outreach to underserved communities and improve digital services and security.
The grants, part of NCUA’s Community Development Revolving Loan Fund program, were given to low-income designated credit unions and ranged from $2,500 to $50,000, depending on the project. Northwest credit unions garnered 23% of the underserved outreach grants awarded by NCUA nationally and 18% of the total dollars awarded this year.
“Northwest credit unions constantly work to deepen the positive impact they have on the communities they serve and deepen the financial health of their members,” said Sharee Adkins, Northwest Credit Union Foundation Executive Director. “The endorsement these grants represent is a clear testament of the ways Northwest credit unions are leading the way, how their strength is recognized nationally, and how their effort is worthy of investment by the NCUA. Congratulations to everyone who helped make this important funding possible.”
The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities. The Office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.
NCUA Chairman Todd M. Harper said his organization continues to request that Congress increase funding for CDRLF grants so NCUA can increase grant sizes and support more initiatives that expand access to safe and affordable financial services for underserved communities.
“At the NCUA, we are working to address priorities like closing the wealth gap and strengthening cybersecurity resilience,” said Harper. “With these CDRLF grants, small, low-income, and minority credit unions will have more capacity to serve low-income communities and bolster cybersecurity defenses. That is a good thing for credit unions and their members.”
Here’s a quick rundown of the Northwest credit unions that received grant funding, the type of grant awarded, and the amount:
(North Bend, OR)
For any questions regarding grant opportunities or how your credit union can access funding through the NCUA CDRLF, please reach out to NWCUF Program Director Claire Hendrix.
Posted in Around the NW.