Peters, Stabenow Announce $1.8 Million in Federal Funding to Spur Economic Growth and Increase Access to Capital in Michigan

WASHINGTON, D.C. – U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) today announced $1,825,000 million in federal funding to spur investment and economic growth in undeserved and rural communities in Michigan. The funding is provided by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund).

“These investments will help community financial institutions expand access to capital, which is important for everything from starting new small businesses to encouraging job creation and spurring economic growth,” said Senator Peters. “I’m proud to support the programs that have provided this funding, which have been proven to create jobs and support community development.”

“Successful public-private partnerships like these help boost economic development in cities and rural communities across our state,” said Senator Stabenow. “These investments will help our businesses create jobs and support community development.”

“The Michigan Assistive Technology Loan Fund (MATLF) is excited to have received a technical assistance grant from the CDFI for $125,000.  The grant will assist us in building capacity towards becoming a CDFI. As an organization which supports all people with disabilities, this is an opportunity for us to assist a population of people who are more likely to live in poverty and not have access to capital,” said Leslynn Angel, President and CEO of the Michigan United Cerebral Palsy Association. “The MATLF is the only disability organization in the state providing low interest loans to assist people with disabilities in accessing assistive technology. As an emerging CDFI we see this as an opportunity to help transform the lives of underserved Michiganders.”

“This important investment into Michigan Women Forward (MWF) will provide loan capital and infrastructure support to our target population – African American women and low to moderate people from distressed census tracks throughout Michigan.   MWF’s goal is to diversify Michigan’s economy so that women and people of color have access to capital to start or grow a business. We’re grateful to Senators Peters and Stabenow for helping to provide this funding that will expand opportunities for women across our state,” said Carolyn Cassin, President and CEO of Michigan Women Forward. 

“Grow is grateful to the CDFI Fund for our 2nd Technical Assistance Award. These dollars will provide important capacity building and improved technology to ensure business owners have timely access to capital,” said Milinda Ysasi, CEO of Grand Rapids Opportunities for Women. “We are committed to elevating entrepreneurs and creating community impact through business ownership.”

A list of grant recipients in Michigan can be found below.

Organization Name                                                              City                             Amount

Allegan Community Federal Credit Union                            Allegan                       $125,000

Grand Rapids Opportunities for Women                             Grand Rapids              $125,000

Michigan First Credit Union                                                  Lathrup Village          $640,000

Michigan Women's Foundation                                             Detroit                        $560,000

Route 31 Federal Credit Union,                                             Muskegon                   $125,000

United Bay Community Credit Union                                    Bay City                      $125,000

United Cerebral Palsy Association of Michigan, Inc.          Southfield                    $125,000

Senators Peters and Stabenow have been long-time supporters of these programs and will continue to advocate for Michigan communities to receive these funds. More information about these awards can be found at: www.cdfifund.gov.

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