Michigan Credit Unions, Inclusiv and EGLE Partner to Build a Green Lending Landscape
On Nov. 1, Inclusiv, the Michigan Credit Union League (MCUL) and state credit unions gathered in Detroit to celebrate Inclusiv’s $1.87 billion federal Greenhouse Gas Reduction Fund (GGRF) award. This award is designed for credit unions to build and execute clean energy lending programs that will support low-income and disadvantaged communities’ efforts to reduce energy costs and create green jobs.
In the morning, Inclusiv held a workshop for credit unions to learn how they can benefit from Inclusiv’s $1.87 billion green lending grant program. Representatives from four different Michigan credit unions, Michigan State University Federal Credit Union (MSUFCU), Diversified Members Credit Union, One Detroit Credit Union and TRUE Community Credit Union, lead attendees through their respective credit unions’ ongoing energy-based lending programs. Each presentation provided the credit unions’ unique approach and what they’ve learned during the process, providing a roadmap for other credit unions designing programs with Inclusiv’s GGRF award.
Also at the workshop were representatives of the Michigan Department of Environment, Great Lakes and Energy (EGLE), who announced, during a press event in the afternoon, the Michigan Climate Investment Accelerator. Part of the accelerator is the Michigan Climate Investment Fund, an $11 million fund to support community lenders, including credit unions, in securing federal funds and effectively deploying this capital in Michigan communities.
Lieutenant Governor Garlin Gilchrist II spoke at the press event, alongside One Detroit CXO Portia Powell, fellow community leaders and ELGE and EPA representatives.
“Workers across Michigan are rolling up their sleeves and helping us invest in the future by expanding Michigan’s clean energy leadership,” said Gilchrist II. “Thanks to historic investments from the Biden-Harris Administration, we are growing Michigan’s economy, creating high-skilled, good-paying jobs and protecting the natural resources we are blessed to steward. The Michigan Climate Investment Accelerator will help us continue that work, investing $11 million and unlocking billions more from the Biden-Harris Administration’s Inflation Reduction Act to finance clean energy technologies, lower energy costs, and build on Michigan’s momentum as a climate leader.”
On the funds’ specific impact for residents, Gilchrist II continued, “This means that you can go to your credit union [or other CDFI lender] and apply for a green loan that can help you lower your energy cost and make your home more energy efficient. You can install an electric vehicle charger for a new electric vehicle that’s going to be made in the state of Michigan. You can put a heat pump in your home to keep it warm in the winter or cool in the summer. You can place solar panels on your roof to lower your overall energy costs and footprint. It means that people can feel comfortable in their home and actually afford to feel comfortable in their home.”
Powell praised the State’s ongoing support for and empowerment of lenders’ ability to extend clean energy solutions to underserved communities.
“One Detroit Credit Union is deeply grateful for Michigan’s ongoing commitment to enhancing our lending capacity through initiatives like the Michigan Climate Investment Fund,” said Powell. “As a community lender serving local consumers and businesses since 1935, this support is crucial in empowering us to extend clean energy solutions to underserved communities. With increased support and access to funds like the GGRF, we can uplift those who need it the most, fostering economic growth and opportunity throughout Metro Detroit.”
MCUL will be critical in ensuring that credit unions in Michigan have access to the information and resources necessary to take advantage of federal clean energy grant dollars through both Inclusiv’s GGRF award and EGLE’s Michigan Climate Investment Fund.
“The Michigan credit union movement is focused on strengthening communities across the state, and Michigan’s Climate Investment Fund aligns with that mission. A central part of our goals is to collaborate with partners to make our Michigan credit union community even stronger. That is exactly what is taking place following Inclusiv’s award,” said MCUL CEO Patty Corkery. “Our team is excited to roll up our sleeves and work with Inclusiv and the State of Michigan to get these dollars deployed. The funding, which can be used to enhance efforts like solar initiatives or cleanup projects, will help organizations provide much needed environmental stewardship in their neighborhoods and put Michigan in a better place to combat ongoing climate change.”
« Return to "Press Releases"
