SkyPoint FCU closes $7M investment from Emergency Capital Investment Program

Daily Record Staff//July 18, 2022//

Listen to this article

SkyPoint Federal Credit Union serves Montgomery and Frederick counties in Maryland as well as Arlington County, Alexandria and Falls Church, Virginia and the District of Columbia. (File photo)

SkyPoint Federal Credit Union (SkyPoint), a Germantown-based, member-owned financial institution, 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.

SkyPoint serves Montgomery and Frederick counties in Maryland as well as Arlington County, Alexandria and Falls Church, Virginia and the District of Columbia.

SkyPoint is a Community Development Financial Institution and a designated Juntos Avanzamos credit union.

Select Region or Brand

Upcoming Event