U.S. Senator Gary Peters (MI) today welcomed news that the U.S. Department of the Treasury has awarded nearly $36 million to communities across Michigan through the Community Development Financial Institutions Rapid Response Program (CDFI RRP). These resources will provide necessary capital for CDFIs to respond to economic challenges caused by the pandemic, particularly in underserved communities.
“I’m proud to have helped secure this COVID relief funding that will help communities in need across our state as they work to rebuild after this pandemic,” said Senator Peters. “These funds will support the financial institutions that can help small businesses keep their doors open, families make ends meet and communities of color and underserved areas hard-hit by COVID. I’ll continue doing everything possible to support minority communities and small businesses build back better.”
“We congratulate Michigan’s credit unions that will receive funds through the CDFI Rapid Response Program,” said Patty Corkery, President and CEO, Michigan Credit Union League. “The grants will enable these credit unions to continue making an incredible, transformative impact for the people, businesses, and communities they serve, and we appreciate Senator Peters’ work to help secure this funding.”
A list of grant recipients in Michigan can be found below.
Organization Name City Amount
Advia Credit Union Parchment $1,826,265
Allegan Community Federal Credit Union Allegan $1,826,265
Astera Credit Union Lansing $1,500,000
Chi Ishobak, Inc. Dowagiac $1,278,385
CORE Community Partners Bingham Farms $200,000
Detroit Development Fund Detroit $1,826,265
ELGA Credit Union Burton $1,826,265
First Independence Bank Detroit $1,826,265
Grand Rapids Opportunities for Women Grand Rapids $200,000
Great Lakes Womens Business Council Livonia $700,000
Invest Detroit Foundation Detroit $1,826,265
Kalamazoo Neighborhood Housing Services Kalamazoo $200,000
Lake Huron Credit Union Saginaw $1,826,265
Lake Superior Community Development Corp. L’Anse $343,000
Lake Trust Credit Union Brighton $1,826,265
Members First Credit Union Midland $1,826,265
Metro Community Development, Inc. Flint $1,050,000
Michigan Community Capital Lansing $1,826,265
Michigan First Credit Union Lathrup Village $1,826,265
Northern Great Lakes Initiatives Marquette $1,826,265
Northern Shores Community Development, Inc. Harbor Springs $200,000
OMNI Community Credit Union Battle Creek $1,826,265
One Detroit Credit Union Detroit $1,826,265
Opportunity Resource Fund Lansing $1,826,265
Prosperus Detroit Micro Lending Detroit $200,000
Public Service Credit Union Romulus $1,826,265
Venture North Funding & Development Traverse City $829,000
Total $35,920,624
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