PORT ORCHARD – Kitsap Credit Union said last week that it had received Community Development Financial Institution (CDFI) designation from the US Treasury Department.
The Treasury awards the CDFI designation to institutions that are considered particularly inclusive of all citizens, including those who are economically challenged, said Kitsap Credit Union CEO Shawn Gilfedder. The designation will also allow the credit union to access federal funding to further provide financial services to community members in economic need, he added.
“It’s important for our members to know that their money belongs to an organization that is focused on improving all lives in our community,” Gilfedder said in a press release.
With its CDFI designation, the credit union will now be able to offer low-cost mortgages for first-time home buyers, small business loans and strategic loans designed to help members build credit, the CEO noted. .
Following the designation, Kitsap Credit Union said it began developing plans for how it would allocate CDFI grants that focus on serving underserved populations in their communities, including Native Americans, elderly and low-income households.