Peters Welcomes News Of More Capital For Businesses

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