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 […]
Press Release | $184 Million in Federal Funding Awarded to 9 Michigan CDFIs
FOR IMMEDIATE RELEASE $184 Million in Federal Funding Awarded to 9 Michigan CDFIs The U.S. Department of Treasury, Community Development Financial Institutions Fund released the 2024 New Markets Tax Credit and CDFI Program awards. LANSING, MI, October 2024 – Nine Michigan Community Development Finance Institutions (CDFI) recently received federal funding to build […]
Press Release | $19 Million Awarded to 38 CDFIs to Support Underserved Borrowers
FOR IMMEDIATE RELEASE $19 Million Awarded to 38 CDFIs to Support Underserved Borrowers Michigan Hosts the Nation’s Largest State CDFI Fund, Granting Support for Underserved Consumers, Small Businesses, Affordable Housing, and Neighborhood Revitalization LANSING, MI, June 24, 2024 – The Michigan Economic Development Corporation (MEDC) has awarded $19 million in […]
Michigan Business Beat | Jennifer Hayes, Michigan CDFI Coalition – Celebrating One Year
Jennifer and Jeffrey had a discussion about the Michigan CDFI Coalition. Michigan Community Development Financial Institutions (CDFI) Coalition is celebrating its one year of operations. The coalition is committed to providing financial resources to underserved borrowers and supporting economic growth in Michigan.
Michigan CDFI Coalition celebrates 1st year; enters ‘24 with plans to broaden reach, deepen impact
In the midst of the December holiday season, the Michigan CDFI Coalition had one more reason to celebrate: its one-year anniversary since the coalition’s founding in late 2022. Emboldened by their first year as an organization, the MI CDFI Coalition enters the new year with a new website, a more active social media presence, and […]
Press Release | Michigan CDFI Coalition Celebrates One-Year Anniversary
FOR IMMEDIATE RELEASE Michigan CDFI Coalition Celebrates One-Year Anniversary The Michigan CDFI Coalition convenes CDFIs from across the state with the goal of reaching more underserved borrowers and supporting economic growth. LANSING, MI, December 12, 2023 – The Michigan CDFI Coalition is celebrating its one-year anniversary and is focused on growing its […]
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).