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DETROIT, MI. — Lansing-based Michigan Saves, the nation’s first nonprofit green bank, has reached the $1 million loan milestone through its Detroit Loan Fund (the Fund). 114 Detroit households are enjoying home improvements from new windows to insulation to HVAC systems thanks to Michigan Saves and The Kresge Foundation, which provided a $2.5 million investment to establish the program. Additionally, Michigan Saves has partnered with TRUE Community Credit Union which handles the origination and servicing for these loans. The Fund helps ensure equity in borrowing by eliminating credit scores as loan criteria, focusing instead on the borrower’s ability to make loan payments. Reaching this milestone in just nine months, clearly indicates that Detroiters need and deserve a fair shake when it comes to home loans.
When the Fund was first announced in 2022, Michigan Saves president and CEO, Mary Templeton, noted that eliminating credit scores and basing loan decisions on ability to pay would bring equity to the loan process. “The rapid success of the Detroit Loan Fund brings to light the systemic racism that plagues many current lending policies,” Templeton said. “Equally important is the fact that Detroiters secured these loans, improved their homes and are paying on these loans, allowing them to establish credit for the future. The Detroit Loan Fund, The Kresge Foundation and TRUE Community Credit Union have transformed the lives of dozens of families.”
The Detroit Loan Fund also provides funding to City of Detroit nonprofits, community organizations and small businesses for solar photovoltaic, battery storage or electrification projects. Michigan Saves will continue to accept residential, nonprofit and commercial applications until available capital is exhausted.
Traditional underwriting is available through Michigan Saves’ standard residential and commercial loan programs, which provide statewide coverage. Michigan Saves also manages the statewide Lead Poisoning Prevention Fund (the Lead Fund). The Lead Fund was created with the Michigan Department of Health and Human Services to provide options for homeowners and landlords who do not qualify for free lead-based paint abatement assistance.
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About Michigan Saves
Michigan Saves, the nation’s first nonprofit green bank, is dedicated to making clean energy improvements easier for all Michigan consumers. Through affordable financing and other incentives, Michigan Saves connects borrowers to a network of skilled contractors for energy-efficiency, geothermal and solar installation projects. Michigan Saves believes an equitable transition to a carbon-free Michigan where everyone has access to the benefits of clean energy and climate-resilient solutions is possible. Through consistent outreach, quality workmanship and affordable funding, Michigan Saves promotes accessible, equitable and just investments in energy efficiency and clean energy to support health and thriving communities. For more information, visit www.MichiganSaves.org and follow us on Facebook and Twitter @michigansaves and LinkedIn @michigan-saves.
