U.S. Senator Gary Peters (MI) today welcomed the announcement by the U.S. Treasury Department of an allocation of nearly $ 36 million to Michigan communities under the Institutions’ Rapid Response Program Community Development Fund (CDFI RRP). These resources will provide the necessary capital for CDFIs to respond to the economic challenges caused by the pandemic, particularly in underserved communities.
“I am proud to have helped secure this COVID relief funding that will help communities in need across our state as they strive to rebuild after this pandemic.” said the senator Peters. “These funds will support financial institutions that can help small businesses keep their doors open, families make ends meet, and communities of color and underserved areas hit hard by COVID. I will continue to do all I can to help minority communities and small businesses rebuild better.
“We congratulate Michigan credit unions for receiving funding under CDFI’s rapid response program,” said Patty Corkery, president and CEO of the Michigan Credit Union League. “The grants will allow these credit unions to continue to have an incredible and transformative impact on the people, businesses and communities they serve, and we appreciate the work of Senator Peters to help secure this funding.”
A list of grant recipients in Michigan can be found below.
Name of the organization City Amount
Advia Credit Union Parchment
Allegan Community Federal Credit Union Allegan $ 1,826,265
Astera Credit Union Lansing $ 1,500,000
Chi Ishobak, Inc.
CORE Bingham Farms Community Partners $ 200,000
Detroit Development Fund Detroit $ 1,826,265
Caisse populaire ELGA 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
Housing Services in the Kalamazoo District Kalamazoo $ 200,000
Caisse populaire du Lac Huron Saginaw $ 1,826,265
Lake Superior Community Development Corporation 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
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
A Detroit credit union Detroit $ 1,826,265
Lansing Opportunity Resource Fund $ 1,826,265
Prosperus Detroit Micro Lending Detroit $ 200,000
Romulus Civil Service Credit Union $ 1,826,265
Venture North Financing and Development Traverse City $ 829,000
Total $35 920 624