Elissa Sangalli and Jennifer Hayes testified before the Michigan State Senate March 6. They talked to the LEO/MEDC Appropriations Subcommittee about the importance of CDFIs and the impact they have on Michigan’s economy.
Sangalli is President of Northern Initiatives and chair of the Michigan CDFI Coalition. Hayes is Senior VP of Directions and Operations at Invest Detroit, and treasurer of the coalition.
Members of the coalition were in Lansing, visiting multiple representatives and senators throughout the day. The testimony before the committee was part of a request for permanent funding of the Michigan CDFI Fund, as well as creating a state CDFI Capital Fund for revolving loans.
Both of these policy decisions would have a direct impact on underserved borrowers throughout Michigan, in the form of lower interest rates and more readily available capital. It would also have a huge impact on the economic and community development of Michigan as a whole.
We are always looking for partners who are as passionate about our mission as we are. Nationally, CDFIs leverage $8 in private sector investment for every $1 of public funding.
Watch the testimony (Sangalli and Hayes start about 35:00)
