ALEXANDRIA, Va. – Demand for NCUA’s community development loans has almost dried up in the first quarter of the year, with just a single 1% loan approved, putting the $18 million fund on pace for its slowest year ever.
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That leaves almost $10 million of available funding available under the program. Of the available funding, $5 million is sitting in U.S. Treasury securities and $4.6 million is in cash and cash equivalents.
The only loan this year went to Island Tradition FCU of Honolulu for $150,000.
The fund made 10 loans last year for a total of $2.2 million.
There are more than 1,000 credit unions designated as low-income, which qualifies them for the loans.
