Senators announce federal funding to increase access to capital in Michigan

U.S. Senators Debbie Stabenow (MI) and Gary Peters (MI) on Monday announced $34,348,085 in federal funding to spur investment and bolster economic growth in Michigan communities hit hardest by the COVID-19 pandemic. The funding is provided by the U.S. Department of Treasury through the Community Development Financial Institutions Equitable Recovery Program (CDFI ERP).

“Successful public-private partnerships like these have a proven track record of boosting economic development in cities and small towns across our state, That is why I worked to secure these funds in last year’s federal budget,” said Stabenow. “These investments will give entrepreneurs and small businesses the resources they need to grow their business, create jobs, and revitalize our communities.  

“Expanding access to capital helps spur job creation and economic development, and these investments will help communities across our state grow and thrive,” said Peters. “I’m proud to support the programs that provided this funding, which have been proven to create jobs and support local economies.”

The recipients include:

• BlueOx Credit Union, Battle Creek, 3,470,374
• Chi Ishobak Inc, Dowagiac, $2,065,699
• CORE Community Partners, Bingham Farms, $500,000
• Detroit Development Fund, Detroit, $1,522,172
• ELGA Credit Union, Grand Blanc, $2,478,839
• Invest Detroit Foundation, Detroit, $2,354,897
• Lake Superior Community Development Corp, L'Anse, $505,683
• Michigan First Credit Union, Lathrup Village, $3,718,258
• Michigan Women's Foundation, Detroit, $500,000
• Northern Great Lakes Initiatives, Marquette, $2,478,839
• OMNI Community Credit Union, Battle Creek, $2,478,839
• One Detroit Credit Union, Detroit, $4,337,968
• Opportunity Resource Fund, Lansing, $2,478,839
• Prosperus Detroit Micro Lending, Detroit, $500,000
• Public Service Credit Union, Romulus, $4,957,678

Additional information about these awards and the CDFI ERP as a whole can be found at: www.cdfifund.gov/programs-training/programs/erp.