CoVantage Credit Union was recently awarded a $750,000 grant from the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund. CDFI grants help mission-driven financial institutions like CoVantage support economically disadvantaged communities. The purpose of the CDFI grant awarded to CoVantage is to allow the credit union to finance commercial real estate loans focused on the rehabilitation of blighted and/or vacant properties. The goal is to both strengthen individual businesses and improve deteriorating conditions of local downtown areas.

With this grant, CoVantage will create a Commercial Rehabilitation loan program. The credit union will also contribute 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 once the revitalization project has been completed.

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. The financed improvements will contribute to job retention and creation as businesses are able to expand and more vibrant business communities develop.

CoVantage will offer the program until the grant is exhausted, and will continue to expand commercial lending services in the communities served. 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 or 800-398-2667, ext. 1125.

In addition to the above grant, 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 financing 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. According to Charlie Zanayed, CEO of CoVantage Credit Union, “Our ability to obtain CDFI grants have enhanced the credit union’s mission of serving those experiencing financial challenge while remaining financially strong. We are excited to offer this new commercial rehabilitation loan program to help build stronger communities.”

CoVantage Credit Union, headquartered in Antigo, Wisconsin, has $1.6 billion in assets, serves over 105,000 members across all their locations.  Founded in 1953, the financial cooperative serves members living or working in 18 counties in Wisconsin and three counties in the U.P. of Michigan.