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Administered by the Michigan Economic Development Corporation, The Community Development Financial Institution Fund Program provides capital to qualified Community Development Financial Institutions (CDFI) for the purpose of increasing available capital for financial products and financial services, technical assistance, and administration and operations. This program was created by Public Act 194.
Community Development Financial Institutions that meet all of the following criteria are eligible to apply:
Eligible applicants can apply by completing the application via the button below. (Please note, the issue with the application functionality has been fixed.) Email your completed application along with all required attachments to CDFIFund@michigan.org by 11:59 p.m. on November 30, 2022.
MEDC representatives hosted an informational webinar providing an overview of the program guidelines as well as the application and review process. You can watch the webinar recording below.
Grant awards must be used in accordance with the following requirements:
Community Development Financial Institutions may receive award amounts based on the following parameters:
For Depository Institutions, as defined in subsection (17)(c) (“D.I.”):
For Loan Funds:
For Multistate CDFIs:
These formulas may be proportionally reduced based on the availability of funds.
The MEDC shall approve or deny a grant application within 49 days after receipt of an administratively complete application as determined by the MEDC. The MEDC may deny a grant application for the following reasons:
If the MEDC denies an application, the applicant may provide additional information to the MEDC within seven days after the notice of denial. The MEDC shall review and reconsider the application and additional information within 28 days.
Upon approval of an application, the MEDC and the applicant shall enter into a written grant agreement that includes terms and conditions consistent with the statutory requirements, these guidelines, and the required periodic reporting of data to the MEDC and the Michigan Legislature.
Reporting will be completed by grantees on an annual basis.