GERMANTOWN, Md.–SkyPoint FCU is reporting it has closed on a $7 million investment as part of the U.S. Treasury’s new Emergency Capital Investment Program (ECIP).
According to SkyPoint, the investment increased its net worth, which will allow for growth and expansion of their lending portfolio. The $201-million SkyPoint FCU reported net worth of 9.28% as of March 30.
SkyPoint said it will use the funds to provide financial products for small and minority-owned businesses and consumers in low-income and underserved communities, adding it already has a long history with members in these demographics.
“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.”
Seeking to Broaden Portfolio
SkyPoint FCU further said it is now evaluating ways to broaden its portfolio of lending programs to communities most impacted by the COVID pandemic, and that it 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,” Norris said in a statement. “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.”