Crain’s Grand Rapids Business | Michigan Small Business Microloan Programs Get $11M Boost

Milinda Ysasi of coalition member, Grow, recently spoke with Mark Sanchez of Crains Grand Rapids Business.  Grow, a Grand Rapids-based community development financial institution, provides microloans to support small businesses. The nonprofit lender assisted Valentina Valdes-Alonso with a $5,000 loan for Sol Design, offering financing without the burden of high interest rates or steep monthly […]

WNMU | Marquette CDFI Receives Federal Monetary Award

Coalition member Northern Initiatives was recently highlighted by WNMU’s, Nicole Walton, for receiving $625,000 in federal Financial Assistance Awards. Based in Marquette, Northern Initiatives is one of nine Michigan Community Development Finance Institutions (CDFIs) selected for this funding. The award will help strengthen CDFIs’ capacity to grow, achieve organizational sustainability, and support the revitalization of […]

3 Michigan lenders secure $170M in federal tax credits to deploy in distressed communities

Three community lending organizations in Michigan received a combined $170 million through a federal tax credit program that’s meant to spur investments in low-income communities. Michigan Community Capital, Cinnaire New Markets LLC and Invest Detroit CDE were awarded $65 million, $60 million and $45 million, respectively, through the New Markets Tax Credits Program, the U.S. […]

State budget includes $19M for lenders to deploy in underserved communities 

The state of Michigan will offer $19 million in funding to organizations that offer loans and other support services to small businesses across Michigan that have difficulty accessing credit.  Lawmakers allocated the funding in a budget for the state’s 2024 fiscal year that starts Oct. 1 and awaits Gov. Gretchen Whitmer’s signature. The funding will […]

Michigan CDFIs to form coalition, collaborate on lending solutions, programming

A forthcoming statewide coalition aims to leverage the effectiveness of Michigan’s community development financial institutions through a collaborative approach to lending and technical assistance. Last June, the W.K. Kellogg Foundation awarded $150,000 to Detroit-based Invest Detroit to lead the development and implementation of a statewide coalition for community development financial institutions (CDFIs).