Jennifer and Jeffrey had a discussion about the Michigan CDFI Coalition.

Michigan Community Development Financial Institutions (CDFI) Coalition is celebrating its one year of operations. The coalition is committed to providing financial resources to underserved borrowers and supporting economic growth in Michigan. Here are some key talking points to highlight the achievements and
goals of the Michigan CDFI Coalition:

Jennifer could you tell the Michigan business community about the Mission and Objectives of Michigan CDFI?

MICDFI Coalitions’ overall mission is to increase awareness of CDFIs, expand programming to support more borrowers, businesses, and projects, and continue to support economic growth throughout Michigan.

What's the Role of CDFIs?

CDFIs as mission-based lenders, providing flexible and affordable financing to underserved communities, small businesses, and affordable housing projects. CDFIs are particularly integral in reaching borrowers who often cannot access traditional bank financing.

What's the Impact in Michigan?

To date, Michigan’s CDFIs have deployed more than $4 billion in loans throughout the state and have made the following impact:
● Created almost 30,000 permanent jobs
● Developed almost 23 million square feet of real estate
● Over 14,000 total housing units, 72% affordable
● Supported over 7,000 small or micro-businesses
● Created the largest state CDFI fund in the nation with $85 million to date.
CDFIs also played a significant role in providing Michigan small businesses and nonprofits access to the Small Business Administration’s Paycheck Protection Program (PPP) forgivable loans and serviced $1.5 billion in loans, preserving 165,000 jobs. In FY 2021, MI CDFIs deployed $1.4 billion in loans.
● Michigan CDFIs support several areas of the economy including:
○ Small and Micro-Businesses.
○ Single, Multi-Family, and Affordable Housing.
○ Real Estate and Mixed-Use Projects.
○ Consumer Loans and Banking Products.
○ Non-Profit Projects, and more.
● MICDFI Coalition has been integral in the Small Business Administration's Paycheck Protection Program
(PPP) forgivable loans during the COVID-19 pandemic.
● Have supported small businesses and nonprofits statewide through the servicing of $1.5 billion in loans.

Tell us about Statewide Support and Advocacy?

MICDFI Coalition has had support from the following organizations and individuals:
● State Senator Mary Cavanagh, CEED Lending, Chi Ishobak, Cinnaire, Core Community Partners, Detroit
Development Fund, Grow, Invest Detroit, Michigan Community Capital, Michigan Credit Union
Foundation, Michigan Women Forward, Northern Shores Community Development, Inc., Northern
Initiatives, Opportunity Resource Fund, ProsperUs Detroit, Rende Progress Capital, Venture North,
Capital Impact Partners, Community Economic Development Association of Michigan, ELGA Credit
Union, IFF, Michigan Assistive Technology Loan Fund.

And if the listeners care to learn more About Michigan CDFI Coalition how might they do so?

The Michigan CDFI Coalition was founded in 2022 with a mission of bringing Michigan CDFIs together to collaborate on the development of inclusive policies, deliver vital programs, and bolster their efforts in community investment across the state of Michigan. Prospective Michigan CDFI partners, communities, and
individuals can learn more about the Michigan CDFI Coalition by visiting www.micdfi.org.