A bipartisan coalition of 43 U.S. senators, including both Michigan Sens. Gary Peters (D-MI) and Elissa Slotkin (D-MI), signed a letter on April 15, 2026, urging the U.S. Senate Appropriations Committee to maintain steady funding of at least $324 million for the Community Development Financial Institutions (CDFI) Fund in the 2027 fiscal year. The program provides capital to small banks and credit unions in underserved communities.
The CDFI Fund generates economic opportunity in distressed areas by leveraging every federal dollar into roughly $8 of private investment, fostering an ecosystem of support for small and microbusinesses. High-propensity business applications have increased 28% in the Detroit Region since 2019, and maintaining strong financial lifelines is critical to translating this entrepreneurial momentum into sustained job growth.
The Detroit Regional Chamber appreciates the continued advocacy of Peters and Slotkin in defending this critical capital access tool for Chamber members. Empowering neighborhood-level financial institutions creates pathways to higher wages and vibrant communities.
Read the full letter below.