Kitsap Credit Union Receives $900,000 Community Development Financial Institution (CDFI) Grant to Support Rural Women-Owned Businesses
Kitsap Credit Union is proud to announce that it has been awarded a $900,000 Community Development Financial Institution (CDFI) grant to support rural women-owned businesses.
As a designated CDFI, Kitsap Credit Union is excited to expand its efforts to provide low-income women borrowers, particularly those with limited credit history, access to loan products and business education. This initiative will empower women across the Olympic Peninsula to launch, sustain, or restart businesses, helping them build assets, create jobs, and foster sustainable enterprises.
The CDFI Fund, administered by the U.S. Department of the Treasury, invests federal funds in mission-driven financial institutions like Kitsap Credit Union to expand economic opportunities in low-income communities. The grant can be used for financing capital, loan loss reserves, capital reserves, or operations. CDFIs play a crucial role in revitalizing underserved neighborhoods by rebuilding businesses, housing, and essential services.
Kitsap Credit Union is dedicated to community development and improving the social and economic well-being of underserved individuals in the areas it serves. Becoming a certified CDFI in 2022 and receiving its first grant in 2023 added a valuable tool to the credit union’s resources, further supporting its efforts to assist low- and moderate-income members in need. In 2023, 68% of Kitsap Credit Union loans were made to low- to moderate-income borrowers, and 20% of borrowers had no credit history or low credit scores.
“This 2024 CDFI grant continues our commitment to enhancing financial inclusion, promoting financial education, and fostering community revitalization,” said Shawn Gilfedder, President and CEO of Kitsap Credit Union. “We are proud to support rural women entrepreneurs and help drive economic growth, resilience, and opportunity throughout the Olympic Peninsula.”
Kitsap Credit Union remains dedicated to its mission of powering life’s opportunities. The 2024 CDFI grant will enable the credit union to expand its community development efforts, contributing to the prosperity and quality of life across the region.
“For 91 years, Kitsap Credit Union has worked to improve the lives of our members and the broader community, and we will continue that tradition for years to come,” said Gilfedder.