MARQUETTE, MI— Northern Initiatives has received $625,000 in federal Financial Assistance Awards.
The Marquette-based company was one of nine Michigan Community Development Finance Institutions to receive money. The program provides money to invest in and build the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities.
CDFIs use FA awards to expand operations into new investment areas, serve a new targeted population, provide new products or services, or increase the volume of products or services.
CDFIs are mission-based lenders that provide flexible and affordable financing to small and micro-businesses, first-time home buyers, affordable housing developments, and projects that revitalize neighborhoods, commercial corridors, and community spaces.
