An article in Review, a monthly publication from the Michigan Municipal League, highlights the new Michigan CDFI Coalition.
(Article starts on Page 31 or download a PDF here)
Michigan CDFIs are working to expand their scope through a new collaboration funded by a $150,000 grant from the W.K. Kellogg Foundation. In January, they formed the Michigan CDFI Coalition, which is working on economic policymaking, fundraising, and raising awareness about CDFIs. Coalition President Elissa Sangalli said the need for greater collaboration among CDFIs became apparent during the COVID pandemic when the federal government rolled out billions of dollars in funding for small businesses through financial institutions, including CDFIs. “A group of us started to look at how we could better share best practices and make it easier for industry and community leaders to find CDFIs,” said Sangalli, who also is president of Northern Initiatives.
Nisu Bakery and Cafe in downtown Hancock gets a shout-out for providing gathering spaces and glorious food.
Finnish immigrant Irma Boyd dreamed for years of starting a bakery and cafe in downtown Hancock serving authentic Nordic food, including recipes from her Finnish grandmother. But she couldn’t find a bank to finance it. “Our banker was fond of my idea, but he could not get his board to give me a loan because I was a startup,” she said. But Northern Initiatives, a Community Development Financial Institution (CDFI), was willing to help.
