Stabenow & Peters announce over $34 million in federal funding to spur economic growth in Michigan

WASHINGTON, D.C. (WKZO AM/FM) – U.S. Senators Debbie Stabenow and Gary Peters of Michigan announced on Monday, April 17 more than $34 million in federal funding for the Great Lakes State.

Officials say the funding is slated to spur investment and bolster economic growth in Michigan communities hardest by the COVID-19 pandemic.

And just over $8 million of funding on it’s way to three financial institutions in Southwest Michigan, two in Batte Creek and one in Dowagiac.

“Expanding access to capital helps spur job creation and economic development, and these investments will help communities across our state grow and thrive,” said Peters. “I’m proud to support the programs that provided this funding, which have been proven to create jobs and support local economies.”

“These investments will give entrepreneurs and small businesses the resources they need to grow their business, create jobs, and revitalize our communities,” said Stabenow. “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.”

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 is online at: https://www.cdfifund.gov/programs-training/programs/erp.