Peters Welcomes Announcement that Paycheck Protection Program Will Dedicate $10 Billion for CDFIs

DETROIT, MI U.S. Senator Gary Peters (MI), member of the Senate Commerce, Science and Transportation Committee, released the following statement after the Treasury Department and Small Business Administration announced they will set aside $10 billion for Community Development Financial Institutions (CDFIs) to participate in the Paycheck Protection Program. This announcement comes after Peters successfully secured $60 billion in dedicated funding for small community-based lenders, including CDFIs and Minority Depository Institutions (MDIs), that was enacted last month as part of Coronavirus relief legislation. Of that funding, $30 billion was to specifically assist CDFIs, MDIs and other community-focused lenders.

“Financial institutions all across Michigan are playing a vital role in helping our communities recover from this challenging time. That’s why I fought for more resources for community lenders. I’m pleased to see this funding will be made available for Community Development Financial Institutions – it was clear that more needed to be done to address the shortage of resources provided to underserved communities. This specific pool of funding will help support these financial institutions that are dedicated to helping small business owners and consumers in communities of color.

“I will continue working in a bipartisan manner to ensure our Minority Depository Institutions also receive the support they need to continue to assist our communities across the state. We must make sure they have the resources to stay afloat and emerge even stronger than before from this unprecedented crisis.”