GERMANTOWN, Md.—Saying it is part of its community impact initiatives, SkyPoint Federal Credit Union has introduced a new loan to help immigrant families more easily manage government expenses related to the immigration process.
The Pathway Loan is an exclusive, unsecured loan that offers a fixed interest rate, repayment terms up to 36 months and loan amounts up to $4,000, Skypoint FCU reported.
“We’re really proud of this new program and are very excited to announce it to our communities,” said Sue Hoefs, SkyPoint’s director of lending, in a statement. “We designed the Pathway Loan to be a simple solution to assist our community members during a very important and exciting time in their lives.”
SkyPoint, which noted it is a certified Community Development Financial Institution (CDFI), said that as part of the federal grants it has earned it has committed to serving unbanked and underbanked populations within its field of membership, which immigrant families are often part of.
Underscores ‘Philosophy’
"This also underscores our ‘We Make Banking Simple’ philosophy,” said Hoefs. “The immigration process is daunting enough, and it should never be the case that it is cost prohibitive. This loan makes it simple to alleviate financial stresses related to those costs.”
SkyPoint said it has begun its full marketing initiative to make The Pathway Loan known in its markets. It expects to start processing loans this month.