Northern Initiatives, a nonprofit lender, has been awarded $250,000 to help entrepreneurs throughout Michigan become more climate resilient.
The grant, from Opportunity Finance Network’s Financial Justice Fund, is part of a drive to increase climate lending across the country, and Northern Initiatives is using the funds to create a climate lending strategy. OFN is the umbrella organization for Community Development Financial Institutions (CDFIs).
The grant funds will complement climate funding coming from the Environmental Protection Agency’s Greenhouse Gas Reduction Fund. OFN is a recipient of $2.3B of these funds and plans to distribute the funds to their member CDFIs.
“We’re using the funds to learn, train, and support our staff, and understand what our customers need to stay on top of climate-related changes to their businesses,” said Elissa Sangalli, President of Northern Initiatives. “We’re going to visit other CDFIs to learn how they’re supporting climate resiliency, and adapt those products and practices to help entrepreneurs across Michigan.”
Another portion of the funds will be used to enhance offerings in Initiate, Northern Initiatives’ online learning portal in use across the country. “We’re creating a set of resources in Initiate that will help inform small businesses how they can increase their climate resiliency,” said Stacy Zielinski, Initiate Director.
This is the third grant awarded to Northern Initiatives by OFN. “We continue to put the funds to good use so we’re able to keep getting them,” said Sangalli. “Northern Initiatives has already started building a portfolio of businesses addressing climate resiliency, including Perfect Circle Recycling, Flowers Automotive Recyclers, Public Thread, and White Pine Copper Refinery in Ontonagon.
Launched by Opportunity Finance Network (OFN) in 2020, the Finance Justice Fund is a socially responsible investment that aims to bring $1 billion in capital from corporate and philanthropic partners to individuals and communities in America most underserved by mainstream finance.
The goal of the Finance Justice Fund is to drive affordable, responsible capital to Black, Latino, Indigenous, and rural communities. For a full list of Fund partners and awardees, please visit OFN’s Finance Justice Fund page.
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