SkyPoint Gets $7 Million from ECIP With Help From CU Strategic Planning

Investment Expands Access to Capital for Low-Income and Underserved Communities

SkyPoint Federal Credit Union, a premier, member-owned financial institution headquartered in Germantown, Md., has recently closed on a $7 million investment as part of the U.S. Treasury Department’s new Emergency Capital Investment Program (ECIP). CU Strategic Planning, the leading consultancy for Community Development Financial Institution-certified credit unions, assisted with the application.

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. This investment increased SkyPoint’s net worth, which will allow for growth and expansion of their lending portfolio. 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.