For Antigo Times
CoVantage Credit Union is proud to announce they have been awarded a $2 million grant from the U.S. Treasury’s Community Development Financial Institution Fund (CDFI). The grant was obtained as result of CoVantage being certified as a Community Development Financial Institution. CDFI grants help provide funding to financial institutions like CoVantage so they can assist in generating economic growth in low-income communities.
The CDFI grant awarded to CoVantage will be used to help existing business owners or start-up businesses with the cost of sustaining, expanding, or creating a business. The CoVantage Creates Opportunity grant will be combined with $13 million of CoVantage funds to make an even larger pool of resources available to partner with businesses and give them access to this special source of funding. Thanks to this grant CoVantage will be able to serve business members, who meet certain criteria, by providing opportunities that normally would not be available. It will also help those who would not have been eligible for traditional business loans because of regulatory or conventional lending guidelines.
According to Steve Wilder, SVP Chief Commercial Lending Officer, “CoVantage believes local businesses are a vital part of our communities. The value they provide to the economy provides a positive impact not only through the growth of their business, but also for local communities because of the jobs created by these businesses. We are excited to offer this grant to give businesses another opportunity to grow and be successful, and we look forward to creating long-term partnerships with them.”
This is the third time CoVantage has received a CDFI grant. In 2011, the credit union received a $1.5 million grant designed for homeowners who were in danger of foreclosure and found their existing lender would not work with them even though they had a viable plan. And, in 2015, CoVantage received a $2 Million for CoVantage Creates Homes, a down payment and repair assistance program.
To qualify for a loan through the CoVantage Creates Opportunity grant, borrowers must meet certain income limitations and other credit union lending criteria. For more information about the grant or to apply, contact a CoVantage Commercial Lender at 800-398-2667.
CoVantage Credit Union is a community-chartered credit union that serves members in a 20 county area in northern Wisconsin and upper Michigan. The financial cooperative is headquartered in Antigo, Wisconsin, and has branch offices in Crandon, Elcho, Rhinelander, Rib Mountain, Rothschild, Shawano, Stevens Point, Wausau, Weston; along with two Michigan offices in Iron River and Crystal Falls.