What’s happening: In the midst of the December holiday season, the Michigan CDFI Coalition had one more reason to celebrate: its one-year anniversary since the coalition’s founding in late 2022. Emboldened by their first year as an organization, the MI CDFI Coalition enters the new year with a new website, a more active social media presence, and plans to make an even bigger impact in 2024.
So what’s a CDFI, anyhow: The acronym CDFI stands for Community Development Financial Institution, or mission-driven financial institutions and lenders that provide financial resources to underserved borrowers and communities. This can be delivered in a number of ways, including affordable and flexible financing for small businesses, affordable housing developments, neighborhood revitalization projects, and more.
Who they are: The Michigan CDFI Coalition was formed to connect and advocate for the more than 50 CDFIs that call Michigan home. It’s a group that includes 16 nonprofit loan funds, 29 credit unions, one CDFI bank, and several larger multi-state loan funds. The Coalition aims to increase awareness of CDFIs, continue to expand programming that supports more borrowers, businesses, and projects, and support economic growth throughout the state.
Bona fides: Among their accomplishments in its first year as an organization, the MI CDFI Coalition collaborated with the State of Michigan in creating the largest state CDFI fund in the nation, totalling $85 million to date. Expect more outreach efforts from the Coalition in 2024, connecting more underserved borrowers with Michigan CDFIs, as well as working with private and public funders to increase Michigan CDFIs’ lending capacity.
Why it’s important: “The Michigan CDFI Coalition is the collective voice of CDFIs in Michigan, and we work hand-in-hand to forge inclusive policies, deliver vital programs, and bolster efforts in community investment across the state,” reads a statement from Eric Hanna, Vice Chair of the MI CDFI Coalition and President & CEO of Michigan Community Capital. “I believe if we can continue to increase funding for CDFIs and grow their capacity, these funds will go directly to creating jobs, affordable housing, financial health, and other economic opportunities for Michigan residents.”
Visit the Michigan CDFI Coalition online to learn more.
Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.
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