Stabenow, Peters Announce Over $34 Million in Federal Funding to Increase Access to Capital and Spur Economic Growth in Michigan

Press Release

U.S. Senators Debbie Stabenow (MI) and Gary Peters (MI) today 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 Senator 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 Senator 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

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

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