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Economic growth and access is focus of $1.5-million grant

The U.S. Department of Treasury July 22 announced the Community Development Financial Institutions (CDFI) program awards and that Metro Community Development, a Flint based nonprofit organization, will get $1.5 million.

The CDFI awards will help specialized community-based financial institutions spur local economic growth and recovery, as well as expand access to affordable financial products and services.

"Every community deserves to have access to basic financial products and services, from bank accounts to affordable home and car loans. The CDFI Program provides access to rural and urban communities across the country by investing in local financial institutions that serve these communities," said Deputy Treasury Secretary Neal Wolin. "Today's awards will provide much needed capital to help community-based financial institutions offer products and services that would otherwise be out of reach for thousands of low-income Americans."

"This funding is much needed in Flint and Genesee County and we welcome the opportunity of this resource to spur local economic growth through affordable financial products," said Ravi Yalamanchi, CEO, Metro Community Development. "On behalf of the Metro board of directors, we thank the U.S. Treasury Department for providing this opportunity to Flint and Genesee County."

The success of this grant is due to the support of the Charles Stewart Mott Foundation, that has invested more than $240,000 in capacity building and created capital for the microloan fund. For two years, the foundation has been providing support and assistance for Metro to achieve the CDFI status and build capacity.

(Note: This report is provided as a service to our readers and a service to the group or individual mentioned in the release. Usually, only minor editing is done. The group or individual is responsible for all information provided.)

 

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