Michigan Municipal League November/December 2023 Review Magazine

startups,” Sangalli said. “Our loans are at competitive rates. They might be at a higher interest rate than banks would charge because they’re in a riskier sector. But our terms are really flexible.” Inflation and higher interest rates are suppressing lending, and CDFIs are also feeling the pinch. They borrow much of the money they lend out and are paying more for those funds than they did just a couple of years ago. “Our cost of capital is higher, so we don’t have as much capital to deploy,” Hayes said. But the new CDFI coalition could help by securing more grant funding. One of its goals is to obtain permanent funding for the Michigan CDFI Fund. And it hopes to boost greater awareness of CDFIs among potential borrowers, and local community and business leaders through its new website and future marketing efforts. “We want it to be easier for people to find us,” Sangalli said. Boyd, the owner of Nisu Bakery and Café, said she’s glad she did. Her CDFI, Northern Initiative, “believed in me and what I had, and I’m happy,” she said. Rick Haglund is a freelance writer. You may contact him at 248-761-4594 or haglund.rick@gmail.com.

With assistance from Northern Initiatives, Finnish immigrant Irma Boyd was able to open Nisu Bakery & Cafe in Hancock, serving authentic Nordic food.

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