2020 was a tough year for credit unions and other businesses around the country. Many were forced to make fast and difficult changes to satisfy their member and customer needs. As the future of brick-and-mortar remains uncertain, credit unions must take advantage of all the opportunities and resources that are available to them.

Credit unions around the country faced tough times in 2020, as the Coronavirus forced businesses to close doors and CUs had to turn to digital solutions to satisfy their member’s needs. While most CUs were able to stay afloat and provide members with the financial products and services they needed, 2021 will likely bring more challenges and adversity. Luckily, for some credit unions serving low-income communities, grants are available from the National Credit Union Association (NCUA) that can help.

2020 was a difficult year for credit unions and their members, especially for credit unions that serve low-income communities. The pandemic put economic strains on everyone as businesses shuttered their doors and folks sheltered inside to protect themselves. These unforeseen changes forced CUs to adjust how they do business, and many had to revamp or transform their digital services to satisfy member needs.

The National Credit Union Administration (NCUA) consistently provides guidance and resources to help credit unions better serve their communities. With funding from Congress, they have been able to fund the Community Development Revolving Loan Fund (CDRLF) for many years,  enabling CUs in rural and underserved communities to continue providing basic financial services to their members with the hopes of bolstering their local economies through loans and technical assistance grants. While the 2021 funding of the program was put at risk in 2020, the program managed to stay alive and is again accepting applicants.

In these difficult economic times, it’s important for credit unions to take advantage of the resources available to them, especially credit unions that serve low-income communities. After all, credit unions were founded on the core tenets of collaboration and helping the members of their communities, which means during times of crisis, members count on their CUs to deliver the service they need. That’s why understanding what grant and loan programs are available and how to qualify can be key for credit unions.