EXECUTIVE ORDER STATEMENT FROM THE MICHIGAN CDFI COALITION AND THE DETROIT CDFI COALITION
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March 18, 2025
On March 14, President Trump signed an executive order limiting several federal agencies to their core statutory functions. This order could put the important work of the Community Development Financial Institution (CDFI) Fund administered by the U.S. Department of the Treasury at risk. The CDFI Fund certifies organizations to be CDFIs and administers critical financial programs to urban and rural communities throughout Michigan and the country.
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“For more than 30 years, CDFIs have been providing affordable and flexible financing to communities throughout Michigan,” said Elissa Sangalli, Chair of the Michigan CDFI Coalition and President of Northern Initiatives. “Our members’ investments touch every county in the state, supporting residents buying their first home, fulfilling dreams of starting a small business, and supporting housing and neighborhood projects in local communities. We can’t have America First without putting our communities first.”
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Nationally, over 1,400 CDFIs provide vital loans, financial products and technical assistance programs, delivering over $300 billion in financial services each year to urban and rural communities stretching across every state. Today Michigan is home to more than 50 CDFIs who are committed to our local economies, supporting small business owners, catalyzing private sector investment, and investing in local neighborhoods.
Michigan’s CDFIs invested over $1.2 billion in 2022. They supported small businesses and nonprofits in Michigan by administering $1.5B billion in PPP loans in 2020 and 2021. To date, they have invested more than $1.7B in NMTC in projects across the state. CDFIs are able to leverage $8 in private investment for every $1 dollar awarded by the CDFI Fund.
Additionally, CDFIs cumulative impact in Michigan as of 2022, includes:
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$5.6 billion in loans deployed
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Provided loans to more than 25,000 small or micro-businesses
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Created more than 41,000 jobs
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Help develop more than 27 million square feet of real estate
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Help develop more than 16,000 housing units, 72% being affordable
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“Dismantling the CDFI Fund would cut off critical funding to our communities throughout Michigan, including millions of dollars in private sector investment made possible because of the CDFI Fund and CDFIs,” said Jennifer Hayes, Chair of the Detroit CDFI Coalition and Senior Vice President, Public Policy at Invest Detroit. “When you look around the city of Detroit, you see CDFI impact in neighborhoods throughout the city.”
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