ALEXANDRIA, Va. – NCUA reported that seven low-income credit unions tapped into its 1% community development loan fund last month, the first loans from the fund this year.
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The fund has gone largely unused for the past two years, with just three new loans approved in 2008.
Last month’s loans went to: Tombstone FCU ($299,000); Syracuse Cooperative FCU ($299,000); Prince Kuhio FCU ($299,000); KRD FCU ($299,000); Empowerment Community Development FCU ($100,000); Pahranagat Valley FCU ($70,000) and Morning Star FCU ($50,000.
Also, four loans for a total of $681,264 were paid off last month.
That makes a total of 88 loans for $10.9 million outstanding for the fund.
