UP entities receive federal money to bolster economic growth
MARQUETTE, MI— Two Upper Peninsula-based public-private partnerships have received federal funding to spur economic development.
The money is provided by the U.S. Department of Treasury through the Community Development Financial Institutions Equitable Recovery Program.
The Lake Superior Community Development Corporation in L'Anse is getting $505,683. It’s a Native institution that aims to increase the assets and self-sufficiency of clients through homeownership and entrepreneurship. And Northern Initiatives in Marquette will receive $2,478,839. The company provides loans and business services to entrepreneurs and small business owners.
The money aims to spur investment and bolster economic growth in Michigan communities hit hardest by the COVID-19 pandemic.