The Michigan CDFI Coalition hopes to leverage $10 million in state funding to create a $50 million loan fund for small businesses and housing projects in the state’s underserved markets.
The group of federally designated nonprofit community development financial institutions aims to raise $40 million from partner banks, credit unions and foundations to match the funding from the Michigan Strategic Fund.
Michigan CDFI Coalition Chair Elissa Sangalli hopes the coalition can raise the matching funds and launch the revolving loan fund within a year.