Newly Chartered and Urgent Needs Grant Program
Active
- Assistance listing
- 44.003
- Grant awards
- Not on record
Program facts
- Treasury account
-
- 25-4472-0-3-373
- More information
Program details come from SAM.gov Assistance Listings. Updated .
About this program
The National Credit Union Administration funds Newly Chartered and Urgent Needs grants under Assistance Listing 44.003, providing financial support to low-income designated credit unions and underserved communities through its Community Development Revolving Loan Fund. The source contains no recent grant award records and no recent or open grant opportunities, so this summary cannot establish current award activity or a live application window. Awards support low-income designated credit unions in delivering basic financial and related services to members and their communities, and in responding to emergencies. Awards are made on a non-competitive basis until funds are exhausted. Applications are reviewed for eligibility, completeness, previous program participation, compatibility and feasibility, and financial viability, including recent examination reports. Only Qualifying Credit Unions, as defined under 12 CFR 705.2, are eligible. An applicant must be, or must agree to be, examined by NCUA and must hold low-income designation under 12 CFR 701.34. Newly Chartered grants additionally require the credit union to be within its first 10 years of operation and to have no more than $10 million in assets. Non-federally insured applicants must meet the added requirements in 2 CFR 705.7(b)(3). Awardees must keep financial, business, and program reports sufficient for review and audit, and are subject to 2 CFR Subpart F audit requirements. NCUA decisions may be appealed under 12 CFR 705.7(f) for failure to satisfy the conditions in 705.7(c).
Objective and description
- Objective
The Community Development Revolving Loan Fund's (CDRLF) purpose is to assist low-income designated (LID) credit unions and underserved communities by providing financial support in the form of Newly Chartered and Urgent Needs grants.
- Description
The objective of the Newly Chartered and Urgent Needs grant program is to support LID credit unions in their efforts to provide basic financial and related services to their members and communities in which they operate, as well as help LID credit unions respond to emergencies.
Eligibility
- Applicant eligibility
Only Qualifying Credit Unions, defined under 12 CFR 705.2, are eligible to participate in the Newly Chartered and Urgent Needs Grant Program. A credit union must be, or must agree to be, examined by NCUA and be designated low-income designation in accordance with 12 CFR 701.34. Non-Federally Insured Applicants must comply with the additional requirements fully described in 2 C.F.R. § 705.7(b)(3). A credit union must also be within its first 10 years of operation and have no more than $10 million in assets to be eligible for Newly Chartered grants.
- Uses of assistance
Newly Chartered grant awards assist LID credit unions in developing new products or services for members, establishing new loan products, and expanding. Urgent Needs grant awards provide LID credit unions with funding to recover from natural and technological disasters. The funds must be used in compliance with funding and program guidelines provided by NCUA. For more details, refer to NCUA's website for the Office of Credit Union Resources and Expansion. https://ncua.gov/support-services/credit-union-resources-expansion/grants-loans/grants.
- Use restrictions
The funds must be used in compliance with funding and program guidelines provided by NCUA. For more details, refer to the NCUA's website for the Office of Credit Union Resources and Expansion. https://www.ncua.gov/services/Pages/resources-expansion.aspx
How to apply
- Criteria for selecting proposals
Newly Chartered and Urgent Needs grant awards are considered on a non-competitive basis until funds are exhausted. To be approved for a grant, applications are reviewed for eligibility, completeness, previous program participation, compatibility and feasibility, and financial viability, including recent examination reports. Additional evaluation information is detailed in the program guidelines.
- Award procedure
NCUA reviews applications and makes awards based on an established award review process set forth in the NOFO and application materials.
- Appeals
Credit unions may appeal the NCUA's decision under 12 CFR §705.7(f) for failure to satisfy any of the conditions set forth in §705.7(c).
Quick answers
What is Assistance Listing 44.003?
Assistance Listing 44.003 is Newly Chartered and Urgent Needs Grant Program, a federal grant program run by National Credit Union Administration.
What is the CFDA number for Newly Chartered and Urgent Needs Grant Program?
Its CFDA number is 44.003: Assistance Listing numbers were called CFDA numbers before 2018.
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