The CDFI Research Consortium, a pivotal national network supporting Community Development Financial Institutions (CDFIs) and housed within the Center for Impact Finance at the Carsey School of Public Policy—University of New Hampshire—has chosen a team of researchers from Public Policy Associates (PPA) to study CDFIs in Michigan. The Consortium’s primary goal is to steer research on directing capital into underserved communities.

CDFIs, with a rich 30-year history of mission-driven lending to small businesses, housing, real estate, and community development projects, collectively hold nearly $500 million nationally.

The Citi Foundation funds this research as part of its Community Finance Innovation Fund, which advances the field of community finance to create positive impacts for underserved communities and communities of color. The funded research, to be conducted over the next 12 months, will provide valuable insights and recommendations.

Leading the PPA research team are Dr. Daniel Quinn, Chief Strategy Officer, and Robb Burroughs, Director for Justice Policy. Both bring a wealth of experience from their work across PPA’s policy areas. Burroughs is a renowned evaluator who is also leading an evaluation of the $75 million Small Business Smart Zones and Business Accelerators initiative in Michigan.

PPA, in partnership with the Michigan CDFI Coalition, will explore recent successes in the Michigan CDFI ecosystem, opportunities for growth, aspirations for sustainability, and results to drive continued progress and change. The Coalition has been successful in securing almost $90 million in funding from the State of Michigan to support and grow CDFIs across the state.

The Coalition has contracted with PPA to conduct impact reporting and provide policy-level research and support. Collectively, CDFIs in Michigan have deployed $4 billion in loans, helped create more than 30,000 jobs, developed 23 million square feet of real estate, and developed 14,000 housing units (of which 72 percent were affordable units). In 2022 alone, CDFI loan funds in Michigan deployed $119 million across 592 loans, which created nearly 3,000 jobs and more than 2,600 affordable housing units.

For more information about the Michigan CDFI Coalition, please visit: https://micdfi.org/

The CDFI Research Consortium is based at the Center for Impact Finance at the University of New Hampshire. The Consortium is supported by a diverse Advisory Board of CDFI practitioners, academics, and other researchers from across the country. Learn more about the Consortium at: https://carsey.unh.edu/center-for-impact-finance/current-projects/cdfi-research-consortium.

To learn more about PPA’s work with CDFIs, please contact Dr. Daniel Quinn at dquinn@publicpolicy.com or Robb Burroughs at rburroughs@publicpolicy.com.