GERMANTOWN, Md.–SkyPoint Federal Credit Union has earned its second Community Development Financial Institution (CDFI) award from the U.S. Treasury Department.
SkyPoint, which serves members in Montgomery and Frederick counties in Maryland, the District of Columbia, and Alexandria, Falls Church and Arlington County in Virginia, has been working to earn their second CDFI grant over past few months. CDFI financial institutions are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals in underserved communities, the credit unions aid.
In order to earn a CDFI grant, a financial institution must show a primary mission of supporting community development, provide financial products and services, and serve one or more defined low-income target markets.
“All of us here at SkyPoint are incredibly honored to again be recognized by the CDFI Program for the work that we are doing to improve access to quality financial products in our communities,” said Jim Norris, CEO of SkyPoint. “This really goes to show the progress we are making and highlights the successes we are having in serving the underserved areas of our field of membership.”
The grant awarded this year will help fund programs meant to serve people in dire need of home repairs such as plumbing, electrical, roofing, etc. SkyPoint said it plans to serve communities in need of these essential functions through unsecured loans as well as home equity loans.