Levin, Stabenow hail $2 million for Detroit Community Development
WASHINGTON, D.C., June 30, 2009: U.S. Senators Carl Levin (D-MI) and Debbie Stabenow (D-MI) today hailed news that the U.S. Department of the Treasury has awarded $2 million to Communicating Arts Credit Union in Detroit through the Community Development Financial Institutions (CDFI) Fund. The funding will be used to expand lending and services in the Highland Park community.
“This federal funding will help Communicating Arts Credit Union fulfill its mission of providing Detroiters with affordable loans and other important financial services,” said Levin. “I am hopeful that this award will provide greater opportunities for entrepreneurs to expand and families to grow in Detroit and Highland Park.”
“Helping low-income families gain access to credit and affordable financial services is a necessary step to help get consumers back on their feet during these tough economic times,” said Stabenow. “Providing assistance to homeowners and small businesses is one of the most effective ways to stimulate the economy, and I am so happy this funding is going to good use here in Michigan.”
Communicating Arts Credit Union is a certified CDFI established in 1935 that serves Detroit, with a special focus on Highland Park. The Treasury Department announced on Monday that 59 grant recipients were selected in a competitive process through the CDFI fund, which invests in and builds the capacity of private, for-profit and nonprofit financial institutions that serve low-income communities lacking adequate access to affordable financial products and services.