COVID-19 Financial Relief Programs
Organizations from across the industry – including credit union leagues and associations, the Federal Home Loan Bank (FHLB), the National Credit Union Administration (NCUA) and others – are stepping up to offer much-needed support and relief to credit unions and local communities during the COVID-19 pandemic.
We have gathered information related to these special programs to make it easier to identify what’s available to your credit union. We encourage you to continue revisiting this page for updates as we gather and publish more information.
Credit Union League & Association Programs
Some credit union leagues and associations are offering special grant programs or relief funding to assist credit unions through these difficult times. As additional leagues and associations launch similar programs, we will update this listing with information.
Federal Home Loan Bank COVID-19 Relief Programs
The Federal Home Loan Banks from various regions across the nation are offering special programs, including advance specials, grants and/or easing of guidelines. We encourage you to review the programs being offered by your regional FHLB to take advantage of the opportunities.
- Atlanta: Collateral Relief Program
- Boston: Collateral Guideline Updates
- Chicago: Advance Specials
- Cincinnati: Advance Specials
- Dallas: Advance Specials, Grants & Small Business Boost
- Des Moines: Advance Specials
- Indianapolis: Advance Specials & Grants
- New York: Low Cost Loans & Grants
- Pittsburgh: Advance Specials & Increase in Community Lending Program (CLP) Funding Amounts
- Topeka: Advance Specials
NCUA Grant Programs
Small, low-income credit unions designated as minority depository institutions may apply for mentoring grants from May 1 through June 30. The NCUA’s Office of Credit Union Resources and Expansion will make grants of up to $25,000 available to help small institutions establish mentoring programs with larger, low-income-designated credit unions that can provide expertise and guidance in serving low-income and underserved populations.
Interested credit unions can find applications through the NCUA's CyberGrants portal. Application guidelines are available on their website. Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the program through June 25. Credit unions should submit questions to staff by email to CUREAPPS@ncua.gov.
COVID-19 Emergency Response Grants
The NCUA has committed more than $1.3 million to its COVID-19 Emergency Response Grants in support of federally insured credit unions facing unpredictable challenges and costs as a result of the COVID-19 pandemic. This is an increase of $575,000 to the $800,000 originally announced on March 31. NCUA Chairman Rodney E. Hood hopes the increase in available grant funding will help more low-income credit unions to continue offering quality and affordable financial services to their members and communities.
Eligible credit unions have until May 22 to apply for a grant through the NCUA’s CyberGrants portal.
Grant awards may be used to:
- Offer rental, mortgage, and utility payment assistance to members such as entrepreneurs, small business owners, and hospitality and service industry employees;
- Offer loan payment relief to affected members;
- Develop a new product or service for affected members, such as offering preloaded cards; or
- Cover costs associated with moving credit union operations to remote locations, such as laptops, software, and short-term rentals.
The grants, with a maximum award of $10,000, will be awarded on a rolling basis throughout the open application period. Minority depository institutions and credit unions with less than $100 million in assets will receive priority. The NCUA will make awards on a first-come, first-serve basis until the earmarked funds are fully exhausted.
Credit unions with questions should contact the Office of Credit Union Resources and Expansion by email at CUREApps@ncua.gov.
If your credit union was not able to participate in the Alloya CARES Credit Union Grant Program, or is in need of additional grant funding, we encourage you to review the NCUA grant eligibility requirements and consider applying for a COVID-19 Emergency Response Grant as Alloya continues to evaluate ways to help our members during this time.
Alloya CARES Credit Union Grant Program
Check out the results of our Alloya CARES Credit Union Grant Program, launched on Friday, April 3. The program allocated $1 million in grants of up to $5,000 for credit unions under $100 million in assets. We were inspired to read the stories of how Alloya’s members plan to use the grant funds. These stories reinforce what tremendous spirit and compassion exist among credit unions for their staff, their members and their communities.
$1,000,000 granted to 206 credit unions as of 4/6/20 at 2:45 pm ET0%
Wondering how 206 credit unions put $1,000,000 in grant money to use in their communities?
Thank you to all those members who have applied for an Alloya CARES Grant. We appreciate everything you are doing for your staff, your members and your communities. Stronger together!