Early in 2021, a second round of funding for the Paycheck Protection Program launched. Our team helped small business owners access desperately needed funds to keep their businesses operating. Simultaneously, we helped businesses that received funding in 2020 obtain the federal forgiveness they deserved.
During this time, we continued to focus our efforts on enhancing wellbeing in Michigan communities. To do this, we grew our impact lending, investing, and deposits by $28 million dollars in 2021 and supported grassroots projects across the state. In partnership with Develop Detroit, Inc. and the Federal Home Loan Bank of Indianapolis, we helped secure affordable housing grant funding to kick off a multi-family rental rehab project at the 27-unit West Boston Apartments in Detroit.
In Lansing, we partnered with the Allen Neighborhood Center to create the Maker Kitchen Powered by Lake Trust. Food makers can access an entrepreneurial support fund to purchase equipment, attend training, and earn certifications that will help their culinary businesses achieve success. While supporting more than 15 food entrepreneurs today, there is a waiting list to access the space.
In Mt. Pleasant, we introduced a rental subsidy program to help small businesses with their first year of rent in a downtown location. GreenTree Cooperative Grocery, the only grocery store on the west side of Mt. Pleasant, was the first recipient of this grant. GreenTree partners with local farmers and suppliers to provide healthy food options for area residents.
Through the Lake Trust Foundation, we continued to offer educational support through our New Beginnings and Michigan Impact Scholarships. The 2021 scholarship recipients showcased the diverse and inclusive culture that is integral for our communities and our collective financial wellbeing. Recipients are pursuing various trades and academic fields of study that will impact healthcare, emergency services, infrastructure, entrepreneurialism, and economic development all over the state. Since it’s inception, the Foundation has awarded $1.2 million in funding to advance education throughout Michigan.
In 2021, we also partnered with Wayne State University in their development of a financial capability pilot program. Through this program, we’ve worked together to develop innovative solutions to help students (particularly those with acute needs) gain the skills they need to become financially independent. As part of the program, Lake Trust will be teaching classes on financial topics, like the importance of credit scores, growing savings, and reducing credit card debt. We continue to look for pilot opportunities like this at universities across the state.
Thank you to our members, our team, and our community partners for supporting us over the past year. We look forward to continuing to leverage the power in all of us. To enhance our collective financial strength. And share knowledge to lift one another, empower wellbeing, and multiply the positive impact we can make for years to come.
David C. Snodgrass
President & CEO