The National Credit Union Administration (NCUA) will offer up to $9.5 million in low-interest loans for low-income credit unions this year.
The money will come from the NCUA’s Community Development Revolving Loan Fund, which benefits credit unions that serve low-income communities.
Credit unions have used this program’s loans to fund loan demand, provide liquidity for expansion and increase net income through earnings on loan funds.
To get a loan, federally insured credit unions must be designated as low-income. To apply online, visit the NCUA website.