FLAGSTAR PARTNERS WITH CHI ISHOBAK TO DELIVER COVID GRANTS

FLAGSTAR PARTNERS WITH CHI ISHOBAK TO DELIVER COVID GRANTS

by | Nov 17, 2020 | News

November, 2020

Dowagiac, MI – Flagstar Bank is keeping a promise and commitment to diversity, equity and inclusion in the communities it serves by giving $1 million in grants to help small businesses owned by Black, Indigenous and people of color whose operating expenses are impacted by COVID-19. Flagstar has partnered with Chi Ishobak to vet and administer the grants.

\”Matt Wesaw, Tribal Chair, made a connection with Flagstar a few weeks ago and this opportunity was presented\” said Sean Winters, Executive Director of Chi Ishobak. \”Matt felt this would be a good fit for us and made the introductions and we were able to find a fit between our organizations. It is another positive opportunity for our small native-owned businesses to continue along the road of recovery.\”

Chi Ishobak will be marketing the grants to their current clients, but are also available for any black, native or people of color-owned business within the Flagstar target markets of Michigan, Indiana and California. Chi will be providing 18 grants of $5,000 each.

Interested applicants can find out more information by going to www.chiishobak.org. To apply, you will need to provide: Most recent tax filing, most recent two months of bank statements, a Certificate of Good Standing and a W-9.

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 retail locations in 29 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $227.4 billion of loans representing slightly over 1.1 million borrowers.

OFN AWARDS CHI ISHOBAK COVID-19 GRANT

OFN AWARDS CHI ISHOBAK COVID-19 GRANT

by | Nov 17, 2020 | News

November, 2020

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.

About OFN

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.

Flagstar Bank Commits $1 Million in Grants to Local Communities for Black, Indigenous and People of Color-Owned Businesses

Flagstar Bank Commits $1 Million in Grants to Local Communities for Black, Indigenous and People of Color-Owned Businesses

by | Nov 13, 2020 | News

Small businesses can apply for grants of $5,000

Company Release – 11/9/2020 2:14 PM ET

TROY, Mich., Nov. 9, 2020 /PRNewswire/ — Flagstar Bank is keeping a promise and commitment to diversity, equity and inclusion in the communities it serves by giving $1 million in grants to help small businesses owned by Black, Indigenous and people of color whose operating expenses are impacted by COVID-19. Businesses owned by people of color have been especially hard hit by COVID-19, with nearly half of black-owned businesses shuttered by the pandemic.

Qualifying small businesses can submit applications now through Nov. 20 for grants of $5,000. Flagstar has partnered with BIPOC nonprofits in its key banking markets to vet and administer the grants. Qualifications include diverse ownership, revenues of no more than $1 million, and a location within Flagstar Bank\’s footprint of Michigan; Fort Wayne and South Bend, Indiana; and the High Desert of San Bernardino County, California. Additional qualifications, grant uses and other information are available in the application.

\”We hope to combat the narrative that there is no assistance for minority-owned businesses,\” said Dwan Dandridge, CEO of Black Leaders Detroit, one of the nonprofit partners. \”We were founded to serve the entrepreneurs to do more with less. We are proud to team up with Flagstar to help these businesses survive, thrive and enhance the vitality of our communities.\”

\”We have a commitment to our communities and to keeping our promises to them,\” said Alessandro DiNello, CEO of Flagstar Bank. \”Reversing decades of systemic inequities is a marathon, and we are in it to the finish. These grants are an important milestone along the way to making our communities and our company better and more equitable for all.\”

All business information submitted with the applications will be confidential. Businesses selected to receive grants will be notified Dec.4, with funds disbursed a few days later.

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and loan holding company headquartered in Troy, Mich.Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 retail locations in 29 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $227.4 billion of loans representing slightly over 1.1 million borrowers.

Source: https://www.forbes.com/sites/pedrodacosta/2020/08/10/the-covid-19-crisis-has-wiped-out-nearly-half-of-black-small-businesses/#bb1ce5e43108

Contact:
Susan E. Bergesen                              
Corporate Communications
(248) 312-6237
Susan.Bergesen@flagstar.com

\"Cision\" View original content:http://www.prnewswire.com/news-releases/flagstar-bank-commits-1-million-in-grants-to-local-communities-for-black-indigenous-and-people-of-color-owned-businesses-301168938.html

SOURCE Flagstar Bancorp, Inc.

OFN Awards 70 COVID-19 Grants to Smaller Member CDFIs

by | Nov 13, 2020 | Uncategorized

November 2, 2020 / Newswire

OFN is pleased to announce 70 awardees of the COVID-19 CDFI Grant Program, totaling $4.9 million in funding. 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 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,” said Lisa Mensah, president and CEO of OFN in a recent press release. “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.” 

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.

Here are the COVID-19 CDFI Grant Program awardees:   

  1. Beaufort County Black Chamber of Commerce ($150,000)  
  2. Harlem Entrepreneurial Fund, LLC ($150,000)  
  3. Legacy Redevelopment Corporation ($150,000)  
  4. ACT! Albany Community Together, Inc. ($100,000)  
  5. AEDC (Arcata Economic Development Corporation) ($100,000)  
  6. Akiptan ($100,000) 
  7. ASSETS ($100,000)  
  8. Chicago Neighborhood Initiatives Micro Finance Group, Inc. ($100,000) 
  9. Children\’s Investment Fund ($100,000) 
  10. Corporacion para el Financiamiento Empresarial del Comercio y de las Comunidades ($100,000) 
  11. JARI Growth Fund, Inc. ($100,000) 
  12. La Fuerza Community Development Corporation ($100,000)  
  13. Lake Superior Community Development Corp ($100,000)  
  14. Landmarks Community Capital Corporation ($100,000) 
  15. Lummi Community Development Financial Institution ($100,000) 
  16. NHS of San Antonio ($100,000)  
  17. Northwest Native Development Fund (NNDF) ($100,000) 
  18. People Trust ($100,000) 
  19. People, Inc. Financial Services ($100,000) 
  20. Redbud Financial Alternatives, Inc. ($100,000) 
  21. Solita\’s House Inc. ($100,000) 
  22. Southwest Georgia United Empowerment Zone, Inc. ($100,000) 
  23. Wind River Development Fund ($100,000)  
  24. Wisconsin Native Loan Fund, Inc. ($100,000)  
  25. Woodlands Community Lenders ($100,000)  
  26. AAFE Community Development Fund, Inc. ($50,000)  
  27. Access Plus Capital ($50,000)  
  28. African Development Center ($50,000) 
  29. African Economic Development Solutions ($50,000)  
  30. Appalachian Community Capital Corporation ($50,000)   
  31. Baltimore Community Lending ($50,000) 
  32. Brazos Valley CDC, Inc. ($50,000) 
  33. Bridge Investment Community Development Corporation ($50,000)  
  34. Chi Ishobak, Inc. ($50,000) 
  35. Enterprise Development Fund of Erie County ($50,000)  
  36. Entrepreneur Works ($50,000) 
  37. First Children\’s Finance ($50,000)   
  38. FORGE Community Loan Fund ($50,000)   
  39. Four Bands Community Fund ($50,000)   
  40. Four Directions Development Corporation ($50,000)   
  41. Hartford Community Loan Fund, Inc. ($50,000)   
  42. Hmong Wisconsin Chamber of Commerce, Inc. ($50,000)   
  43. IMPACTO Fund, Inc. ($50,000)   
  44. Just Community ($50,000)   
  45. Kentucky Habitat for Humanity ($50,000)   
  46. Latino Economic Development Center (MN) ($50,000)   
  47. Lei Hoolaha ($50,000)   
  48. LHOME CDFI ($50,000)   
  49. Local Enterprise Assistance Fund ($50,000)   
  50. Maryland Capital Enterprises, Inc. ($50,000)   
  51. Micro Enterprise Services of Oregon ($50,000)   
  52. NACDC Financial Services, Inc. ($50,000)   
  53. Nakoda-Aaniiih Credit Agency ($50,000)   
  54. Native360 Loan Fund, Inc. ($50,000)   
  55. Neighborhood Development Center ($50,000)   
  56. Northside Community Development Fund ($50,000)   
  57. Opportunity Resource Fund ($50,000)   
  58. Pennsylvania Assistive Technology Foundation (PATF) ($50,000)   
  59. Rising Tide Community Loan Fund ($50,000)   
  60. River City Capital Investment Corporation ($50,000)   
  61. Rural Investment Corporation ($50,000)   
  62. Shared Capital Cooperative ($50,000)   
  63. Southern Mutual Financial Services, Inc. ($50,000)   
  64. Triple Bottom Line Foundation (TBL Fund) ($50,000)   
  65. True Access Capital Corporation ($50,000)   
  66. Utica Industrial Development Corporation ($50,000)   
  67. Venture North Funding & Development ($50,000)   
  68. Westminster Economic Development Initiative, Inc. (WEDI) ($50,000)   
  69. Women\’s Economic Ventures ($50,000)   
  70. Working Solutions ($50,000)