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Providing Pandemic Relief to Small Businesses

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Aug 20, 2021
Submitted by: CoVantage Credit Union
  • COVID-19 Response

We recently took advantage of a grant opportunity for CDFIs provided by the Wisconsin Economic Development Corporation (WEDC). Our staff worked diligently to apply for an award and create grant programming for our member businesses struggling at the beginning of the pandemic. We were awarded $1,188,200 with the intent that the funds would be granted to qualified business for payroll and mortgage assistance. The credit union quickly sent letters targeted to small business members that potentially qualified for grants ranging from $500 to $20,000. Through this initiative, 227 businesses in 23 different industries were awarded funds, impacting 1,016 employees.