Cassin said the organization has been doing some community outreach in recent years and saw a clear and present need for an enhanced scale of lending.
“(What) we heard from entrepreneurs is that we need to do this in a on a much larger scale,” Cassin said. “This was very needed; we can make a huge difference, we can add a lot of value to Detroit.”
The organization is at the start of the application process and expects to send in its materials for certification later this fall. MWF said it expects certification to take approximately 90 days and it would be lending by shortly after the first of next year.
To help get the nascent CDFI off the ground, the nonprofit was able to look within its own organization to find an expert in the process. MWF has hired Alexis Dishman to be its chief lending officer.