NCUA: Urgent Needs Grants Available to Help Credit Unions Affected by COVID-19

ALEXANDRIA, Va. (March 23, 2020) – Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants(opens new window) from the National Credit Union Administration.

“The NCUA recognizes that the COVID-19 outbreak will affect all federally insured credit unions and their members to varying degrees,” NCUA Chairman Rodney E. Hood said. “If you are a low-income credit union that needs assistance during this difficult time, I encourage you to apply for these grants to ensure you can continue to meet the financial needs of your members and communities.”

The NCUA’s Office of Credit Union Resources and Expansion can provide grants up to $7,500 to low-income credit unions for:
Hardware, software, or other equipment to help them provide financial products and services from remote locations;
Consulting services to develop programs and partnerships to assist those affected by COVID-19, such as small businesses or schools; and
Developing marketing materials to assure members their insured deposits are safe.

Eligible credit unions also may apply for loans supported by the Community Development Revolving Loan Fund.

Eligible credit unions may apply for grants or loans through the NCUA’s CyberGrants portal(opens new window).

Credit unions with questions should contact the Office of Credit Union Resources and Expansion by email at CUREApps@ncua.gov.



NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov(opens new window), NCUA also educates the public on consumer protection and financial literacy issues.

"Protecting credit unions and the consumers who own them through effective regulation"
Rodney E. Hood