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It's no secret that business success is built on strong leadership and hard work. But it's equally true that timely financing is a big factor. CoVantage has special loan programs used from grants we received from the U.S. Treasury's Community Development Financial Institution FUND (CDFI) to provide low-cost financing to members and eligible businesses in Wisconsin and Michigan.
Over the past 7 years, CoVantage has received a total of $5.5 million in CDFI grants. These funds have allowed the credit union to assist over 150 families and businesses by providing affordable loans which helped some stay in their home after being at risk of foreclosure; others purchased a first home or financed repairs to make their home more livable; and a number of businesses were started or expanded which saved or created 250+ jobs.
Recently, CoVantage was awarded a $750,000 grant to allow the credit union to finance commercial real estate loans focused on the rehabilitation of blighted and/or vacant properties. With this grant, CoVantage has created a Commercial Rehabilitation loan program to business members. The credit union has also contributed an additional $5 million in loan funding to supplement the program. It will be combined with property owners’ investments, municipal loan funds, and potential Small Business Administration (SBA) mortgages to assist in completing the revitalization project.
Once completed, CoVantage anticipates that the buildings financed through this program will have significantly increased property values, which will positively affect the values of surrounding commercial properties and encourage further physical improvements.
Business owners interested in learning about the many commercial financing programs available from CoVantage Credit Union may contact a Commercial Lender at any CoVantage branch or call 715-627-4336, ext. 1125.
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