Katie BaileyThe Community Development Revolving Loan Fund (CDRLF) loan program currently has more than $13 million available in low-cost funding, with applications accepted on a rolling basis and an estimated review period of approximately 180 days. Loans are available to eligible Low-Income-Designated (LID) credit unions for up to $500,000 at an interest rate of 1.5 percent per year, with terms of up to five years.
Permitted uses include developing new member products or services, establishing or expanding loan programs, partnering with community based organizations or government agencies, and acquiring, expanding, or improving office space, equipment, or other operational programs.
Low-Income-Designated credit unions should evaluate their eligibility and consider applying promptly, as competitively priced, flexible funding is now available. Applications are reviewed on an ongoing basis with a six-month review timeline.
