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Community Development Revolving Loan Program for Credit Unions

Published on AidPage by IDILOGIC on Jun 24, 2005

Who is eligible to apply...

All State and federally chartered credit unions with a low-income designation are eligible. This program is for established, financially sound low-income credit unions that wish to increase member services in their communities. Credit unions in the territories and the possessions are eligible to apply.

Eligible Applicant Categories:
Eligible Functional Categories:

The Community Development Revolving Loan Program for Credit Unions requires low-income credit unions to provide evidence of chartering from the appropriate Regional Office of the National Credit Union Administration or a State credit union regulatory agency. The board of directors will prepare a Community Needs Plan (Plan) and submit it with its loan application. The Plan will contain a list of needed community services that the credit union will provide. The board of directors will provide a status report on the Plan's objectives to the credit union members once a year either at the annual meeting or in a written report sent to all members. The Plan's yearly status report will also be submitted to NCUA annually. This Program is excluded from coverage under OMB Circular No. A-87.

Note:This is a brief description of the credentials or documentation required prior to, or along with, an application for assistance.

About this section:

This section indicates who can apply to the Federal government for assistance and the criteria the potential applicant must satisfy. For example, individuals may be eligible for research grants, and the criteria to be satisfied may be that they have a professional or scientific degree, 3 years of research experience, and be a citizen of the United States. Universities, medical schools, hospitals, or State and local governments may also be eligible. Where State governments are eligible, the type of State agency will be indicated (State welfare agency or State agency on aging) and the criteria that they must satisfy.

Certain federal programs (e.g., the Pell Grant program which provides grants to students) involve intermediate levels of application processing, i.e., applications are transmitted through colleges or universities that are neither the direct applicant nor the ultimate beneficiary. For these programs, the criteria that the intermediaries must satisfy are also indicated, along with intermediaries who are not eligible.