Dowagiac business awarded $2M in federal COVID recovery dollars

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Thanks to the federal government, a local business with a mission to help tribal citizens achieve economic independence has more resources.

Dowagiac-based Chi Ishobak, the certified Native Community Development Financial Institution for the Pokagon Band of Potawatomi Indians, will be getting just over $2 million in a round of federal funding aimed at spurring investment and bolstering economic growth in Michigan communities hit hardest by the COVID-19 pandemic.

Chi Oshobak offers small business loans for start-ups and expansion, as well as personal auto loans, financial wellness workshops, coaching and youth development savings accounts.

“More importantly, it’s designed for folks that cannot go through traditional banks or credit unions because either lack of or damaged credit,” said Chi Ishobak Executive Director Sean Winters. “We want to make sure that our citizens, whether it be personally or professionally, have the resources, information, skills and tools to position themselves for success, and ultimately build financial capacity.”

The funding is provided by the U.S. Department of Treasury through the Community Development Financial Institutions Equitable Recovery Program (CDFI ERP). The announcement was made Monday in a joint statement from U.S. Senators Gary Peters and Debbie Stabenow. 

Successful public-private partnerships like these have a proven track record of boosting economic development in cities and small towns across our state, That is why I worked to secure these funds in last year’s federal budget,” Stabenow said. “These investments will give entrepreneurs and small businesses the resources they need to grow their business, create jobs, and revitalize our communities.  

More information about these awards and the CDFI ERP can be found at: https://www.cdfifund.gov/programs-training/programs/erp.