Grand Rapids Opportunities for Women received a $400,000 grant to fund its small business development lending in economically disadvantaged communities.
The nonprofit said last week that it received the sum as a Community Development Financial Institution (CDFI) financial award. The nonprofit in 2016 earned its CDFI designation from the U.S. Department of Treasury’s CDFI Fund. This is Grand Rapids Opportunities for Women’s (GROW) second CDFI financial award since then.
Bonnie Nawara, CEO of GROW, said the funds will help the organization broaden its lending base to vulnerable areas. Currently, it provides microloan lending and technical assistance to small businesses in Kent, Ottawa, Muskegon, Newaygo, Allegan, Barry, Ionia, Montcalm and Kalamazoo counties.
“This money helps us to stabilize our lending portfolio and drive our focus to deploy funds into communities of color,” Nawara said.
CDFIs are certified by the U.S. Department of Treasury to inject new sources