Inclusiv participated in calls with the state's CDFIs, submitted a letter of support, and worked closely throughout this effort with our member credit unions in Michigan and the Michigan Credit Union League to build support for this Fund among state policymakers and ensure that the program works for CDFI credit unions.
Inclusiv congratulates our members and partners in Michigan on this historic achievement! "The establishment of a Michigan state CDFI Fund is the exciting result of collaboration across all sectors of CDFIs," said Inclusiv president & CEO Cathie Mahon. "By coming together as a broad coalition to coordinate outreach, state CDFIs and advocates enhanced awareness and support for their impact in making safe and affordable financial services available to everyone in Michigan. These unprecedented state-level resources and the structure of Michigan's CDFI Fund should serve as a model for state-level CDFI efforts across the country."
"The expansion of the CDFI program at the state level will create significant positive impact for the low to moderate income individuals, businesses and communities served by CDFIs statewide,” said Lake Trust president & CEO David Snodgrass. “By responding to the stories shared by current CDFIs and choosing to deploy funds that can be leveraged to provide nearly one billion dollars in impact to traditionally underserved communities, Michigan lawmakers enabled enhanced economic opportunity and a pathway toward financial well-being for all Michiganders."
The collaboration in this effort extended to the Michigan Credit Union League. “Our state policymakers have provided an unprecedented opportunity for Michigan’s CDFI community,” said MCUL president & CEO Patty Corkery. “This is a fantastic investment, that will partner state public dollars with private sector resources and expertise to make an immediate and transformational impact for individuals, neighborhoods, and small businesses within underserved communities across Michigan. We worked proudly alongside our CDFI industry partners, members, and champions to make this a reality, and I know our credit unions are ready and eager to rise to this challenge.”
"We are grateful for the continued support of our trade associations, Inclusiv, NAFCU and the MCUL and our Michigan CDFI partners on this project," said Lake Trust Government Affairs Manager, Rebecca O’Connell.
Inclusiv will be serving as a resource for our partners in Michigan as they work in the coming weeks to further develop the program in keeping with the bill's timeline and ensure this Fund will be established as a permanent fixture of the state budget.
