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CoVantage receives grant to help businesses

CoVantage Credit Union has been awarded a $2 million grant from the U.S. Treasury’s Community Development Financial Institution Fund.

CDFI grants help provide funding to financial institutions so they can assist in generating economic growth in low-income communities.

The grant awarded to CoVantage will be used to help owners and potential owners with the cost of sustaining, expanding or creating a business.

The CoVantage Creates Opportunity grant will be combined with $13 million of CoVantage funds to create an even larger pool of resources available to businesses. It will also help those who would not have been eligible for traditional business loans because of regulatory or conventional lending guidelines.

“CoVantage believes local businesses are a vital part of our communities,” said Steve Wilder, CoVantage senior vice president and chief commercial lending officer. “The value they provide to the economy provides a positive impact not only through the growth of their business, but also for local communities because of the jobs created by these businesses.

“We are excited to offer this grant to give businesses another opportunity to grow and be successful, and we look forward to creating long-term partnerships with them.”

This is the third time CoVantage has received a CDFI grant. In 2011, the credit union received a $1.5 million grant designed for homeowners who were in danger of foreclosure and found their existing lender would not work with them even though they had a viable plan. In 2015, CoVantage received a $2 million grant for CoVantage Creates Homes, a down payment and repair assistance program.

To qualify for a loan through the grant, borrowers must meet certain income limitations and other credit union lending criteria. For information about the grant or to apply, call 800-398-2667.

CoVantage Credit Union is a community-chartered credit union that serves members in a 20-county area in northern Wisconsin and upper Michigan. The financial cooperative is headquartered in Antigo and has branch offices in Crandon, Elcho, Rhinelander, Rib Mountain, Rothschild, Shawano, Stevens Point, Wausau and Weston, as well as offices in Iron River and Crystal Falls, Michigan.

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