NCUA Posts Record CDRLF Loan Volume

ALEXANDRIA, Va. - NCUA last week announced its Community Development Revolving Loan Fund had reached its threshold, having processed 40 loans totaling over $7 million during 2007 and bringing the total fund to more than $13 million. This is the largest number of loans approved by the Fund in a single year and totals the largest amount of loans ever recorded, the agency reported.

"2007 was a tremendous year for credit union member outreach," NCUA Chairman JoAnn Johnson said. "The demand for both grants and loans from the Community Development Revolving Loan Fund more than doubled from the same period last year, and NCUA encourages credit unions to continue to use the Fund in the future as a valuable resource."

"Many factors prompt credit unions to borrow from the Fund," said Tawana Y. James, director of the Office of Small Credit Union Initiatives, which administers the Fund. "Credit unions' interest in providing improved financial services to their members and stimulating economic conditions in their communities through programs such as financial education, free tax preparation, and asset-building services as well as improved operations all contributed to active Fund participation. As existing loans pay down, we will have funds available to lend." (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com