Public Policy Associates (PPA) is working with Michigan community development financial institutions (CDFIs) to support and grow their impact in the state. CDFIs are mission-driven financial institutions that create economic opportunity for individuals and small businesses, quality affordable housing, and essential community services. They provide fair, responsible financing to rural, urban, Native, and other communities that mainstream financial institutions don’t usually reach.

Using data analysis and policy research provided by PPA, the Michigan CDFI Coalition aims to leverage the combined effectiveness of the organizations through a collaborative approach to lending, technical assistance, research, and advocacy. The Coalition hopes to bring together leaders across the state working to ensure all communities in Michigan have access to sustainable economic opportunities.

PPA, in coordination with the New Economy Initiative, has staffed and facilitated conversations on the design and implementation of the State Small Business Credit Initiative for small business CDFI lenders operating in Michigan. Currently, PPA is working to identify the collective impact of CDFI loan funds in Michigan and will develop an annual report on the state of CDFIs in Michigan.

In 2022, the Coalition was awarded a startup grant from the W.K. Kellogg Foundation to develop the organization and work toward becoming certified as a 501(c)(3) organization. Michigan is home to more than 50 certified CDFIs with 43 entities headquartered in Michigan. This includes all categories of CDFIs, such as CDFI Bank/Thrift institutions, CDFI Loan Funds, CDFI Credit Unions, and Native CDFIs.

For more information on the Michigan CDFI Coalition please contact Jennifer Hayes, SVP of Policy and Operations at Invest Detroit and the Michigan CDFI Coalition’s Treasurer at (313) 259-6368 or by email at Jennifer.Hayes@investdetroit.com.

For more information about PPA’s work supporting inclusive economic development contact Dan Quinn at (202) 854-8077 or by email at dquinn@publicpolicy.com.