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CoVantage Credit Union gets grant for commercial rehabilitation financing

ANTIGO. Wis. — CoVantage Credit Union recently was awarded a $750,000 grant from the U.S. Treasury’s Community Development Financial Institution Fund.

CDFI grants help financial institutions like CoVantage support economically disadvantaged communities. The CDFI grant will allow CoVantage 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 also 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 mortgages once the revitalization project has been completed.

Once completed, CoVantage anticipates buildings financed through this program will have significantly increased property values that 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. Business owners interested in learning more can contact a commercial lender at any CoVantage branch or call 715-627-4336 or 800-398-2667, ext. 1125.

Over the past seven years, CoVantage has received $5.5 million in CDFI grants. These funds have allowed the credit union to assist more than 150 families and businesses with affordable financing.

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

Headquartered in Antigo, Wis., CoVantage Credit Union has $1.6 billion in assets and serves more than 105,000 members in 18 counties in Wisconsin and three counties in Michigan’s Upper Peninsula.

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