Kitsap CU to 'Magnify' Its Offerings With CDFI Designation

For nearly nine decades, the Bremerton, Wash.-based Kitsap Credit Union has grown to serve more than 123,000 members across the Puget Sound, west of Seattle. In late January, the $2 billion credit union announced it had officially received the designation as a Community Development Financial Institution (CDFI) to expand its financial services to members who need it most.

As a CDFI, the credit union will gain access to Federal funding from the U.S. Department of Treasury to better serve community members in economic need.

“We are very excited about the value the CDFI designation will bring to our communities,” Kitsap CEO Shawn Gilfedder said. “As a CDFI credit union we will be able to expand the population we serve and magnify what we will be able to offer them, bringing them closer to fulfilling their dreams.”

According to the announcement, Kitsap will begin to offer low-cost mortgages for first-time home buyers, strategic loans intended to help members build credit and loans for small businesses in the community.

“It is important that our members know their money is with an organization that focuses on improving all lives in our community,” Gilfedder said.

Kitsap officials said the credit union has already started developing plans to allocate the CDFI grants to “focus on serving the underserved populations in their communities including Native Americans, the elderly and low-income households.”

“Our goals through our CDFI efforts are to help financially educate our community and in turn promote a healthier local economy,” Gilfedder said.