OFN AWARDS CHI ISHOBAK COVID-19 GRANT
Dowagiac, MI – Sean Winters, Executive Director of Chi-Ishobak, announced that the Opportunity Finance Network (OFN) awarded Chi Ishobak $50,000 as part of the COVID-19 CDFI Grant Program. Generously supported by Morgan Stanley, this program aims to deliver critically-needed flexible funds to smaller CDFIs in OFN’s membership with under $20 million in total assets. “We could not be more grateful for this grant” said Winters. “This will help us provide tremendous opportunity to our tribal citizens during this challenging time.”
Lisa Mensah, president and CEO of OFN says “We continue to fight for small businesses, nonprofits, and community-based organizations that have been hit hardest by the economic impact of COVID-19 and for communities that continue to struggle against persistent racial and economic inequality. With its generous grant, Morgan Stanley is empowering our member lenders that specialize in serving these communities to grow and remain strong in these uncertain times.”
In all total, OFN awarded $4.9 million in funding. Of the awardees, 19 percent are Native CDFIs and 56 percent are led by people of color. In addition, more than half the client base of 73 percent of awardees are people of color or living in persistent poverty or rural communities.
Opportunity Finance Network (OFN) is the national association of community development financial institutions (CDFIs). We help money flow to people and places where traditional finance doesn’t reach by maximizing the effectiveness of OFN member and non-member CDFIs through direct financing, learning opportunities, industry events, and advocacy.
OFN represents and serves a diverse membership of more than 300 CDFIs of various asset sizes and lending types working on the ground in all 50 states. OFN’s network of community development loan funds, banks, venture capital funds, and credit unions help people realize their full potential and contribute to thriving communities.
Through 2018, OFN’s network originated $74 billion in communities across all 50 states, including rural, urban, and Native areas. We are proud of our impact so far, and seek to do even more in terms of jobs, small businesses, affordable housing, and community services.