Kitsap Credit Union is proud to announce it has received the designation as Community Development Financial Institution (CDFI). For over 88 years Kitsap Credit Union’s mission has been to improve the lives of its members. Titled as a CDFI, Kitsap Credit union will have access to federal funding to further provide financial services to those community members in economic need.
“We are very excited about the value the CDFI designation will bring to our communities,” said Kitsap Credit Union CEO Shawn Gilfedder. “As a CDFI credit union we will be able to expand the population we serve and magnify what we will be able to offer them, bringing them closer to fulfilling their dreams.”
The U.S. Department of the Treasury awards the CDFI designation to institutions that go out of their way to be inclusive of all citizens, including those that have economic difficulties.
“It is important that our members know their money is with an organization that focuses on improving all lives in our community,” said Gilfedder.
Kitsap Credit Union looks forward to working with those in need by helping them gain financial stability. Through their CDFI designation, Kitsap Credit Union will now be able to offer low-cost mortgages for first-time home buyers, loans for small businesses, and strategic loans designed to help members build their credit.
Now that they have officially been awarded this honor, Kitsap Credit Union has begun developing plans on how they will be allocating their CDFI grants which will focus on serving the underserved populations in their communities including Native Americans, the elderly, and low-income households.
“Our goals through our CDFI efforts are to help financially educate our community and in turn promote a healthier local economy,” said Gilfedder.