SkyPoint FCU closes $7 million investment from the U.S. Treasury’s Emergency Capital Investment Program
Investment Expands Access to Capital for Low-Income and Underserved Communities
GERMANTOWN, MD (July 14, 2022) — SkyPoint Federal Credit Union (SkyPoint), a premier, member-owned financial institution, has recently closed on a $7 million investment as part of the U.S. Treasury’s new Emergency Capital Investment Program (ECIP). This investment increased SkyPoint’s net worth which will allow for growth and expansion of their lending portfolio.
The ECIP initiative is designed to provide access to capital for communities, businesses, and individuals traditionally excluded from the financial system, particularly those that have struggled during the COVID-19 pandemic. SkyPoint will use the funds to provide financial products for small and minority-owned businesses and consumers in low-income and underserved communities. The credit union already has a long history with members in this demographic.
“We’re very proud to be selected for this program that looks to address some of the long-standing inequities in our financial system,” said Jim Norris, CEO of SkyPoint. “SkyPoint has always been focused on helping underserved communities, and this investment will give us a solid foundation to expand our services and help more people.”
SkyPoint is evaluating ways to broaden its portfolio of lending programs to communities most impacted by the COVID pandemic. The credit union is also planning to add business accounts and lending programs this year that will complement its financial service offerings for consumers.
“We know with higher prices for almost everything, families can be worried about making big investments like a car or a home. And entrepreneurs may be nervous about starting or expanding their businesses,” explained Norris. “As part of the ECIP, we’re well-positioned to give families and companies access to the capital they need, especially groups that historically were not able to easily receive funding.”
Over the long term, the funds will also help SkyPoint grow and continue its role of helping foster financial opportunities and inclusion in low-income and traditionally underserved communities.
About SkyPoint Federal Credit Union
SkyPoint makes banking simple and accessible. A community-based financial institution, located in Montgomery County, Maryland, SkyPoint serves our members in the greater Washington D.C. metro region with a wide array of financial services, supported by technology, and offers great value, affordable fees, and rates through our member-owned structure. The only designated Community Development Financial Institution (CDFI) credit union in Montgomery County, SkyPoint helps our members and the community gain access to the financial services needed to prosper. Through our inclusive, expert, and compassionate team, we focus on removing banking complexities, and building empowering relationships with our members to help you achieve your financial goals with simple and accessible banking solutions.
