Michigan Community Capital Stories and Data

Michigan Community Capital Stories

CDFI Credit Unions Lower Interest Rates on Car Loans
Credit Union’s auto loan refinancing program, which slashes interest rates in half. On average, One Detroit is able to reduce members’ monthly payments by $54.16, and sometimes by more than $100, saving them more than $3,000 over the term of their loans.
OFN Story: Michigan CDFI Finances Family-Owned Automotive Recycling Business
Family-owned business employing 7 people and providing end-to-end, recycling method for automobiles
Detroit CDFI coalition amplifies positive outcomes in communities across the city
Throughout Michigan, there are more than 55 community development financial institutions, with 47 of those CDFIs headquartered in the state. These mission-driven financial institutions provide support for consumers, businesses, and real estate projects where traditional funding isn’t available.
Lebowsky Center
The Owosso Community Players, at the Lebowsky Center, have a rich history that carries on the legacy of Joseph Lebowsky who opened The Capitol Theater in 1926.The Lebowsky Center reopened in 2014 continuing to rebound and grow after a devastating fire in 2007. Construction on the interior began in December 2012 and was completed in March 2014.

Michigan Community Capital Fact Sheet

CDFIs fill a vital need in Michigan by supporting community and economic development in under-served areas. Continuing to fund CDFIs will allow them to provide financial support for communities that would otherwise be left behind.

-Charlotte J. Smith, Community Economic Development Association of Michigan, Lansing, MI

CDFIs provide financial services, education and loans to support economic growth and development for families and small businesses. Many qualify, but are unable to secure needed funding through mainstream, traditional financial sources. The work of CDFIs enriches our communities and the quality of life for residents.

-Sheilah Clay, Purposeful Consulting, LLC, Farmington Hills, MI

CDFIs stand in the gap for communities that have long been overlooked, offering the tools, capital, and support that empower people to lift themselves up by their bootstraps. From revitalizing main streets to helping families buy their first homes, CDFIs turn potential into progress. With timely and full support from the Treasury Department, these institutions can continue delivering measurable impact, fueling self-reliance, entrepreneurship, and generational change in America’s most underinvested communities

-Kevin FItzgerald, Opportunity Resource Fund, East Lansing, MI

Map of Michigan Community Capital CDFI Branches and Stories