LEO and CEDAM award $1M in 13 Children’s Savings Account program grants

Grants encourage postsecondary education and pathways, support financial literacy

LANSING, Mich. – Today, the Michigan Department of Labor and Economic Opportunity (LEO) and the Community Economic Development Association of Michigan (CEDAM)awarded $1 million to 13 grant recipients to expand economic opportunities for children across the state through Children’s Savings Account programs. Whether launching a new program or enhancing an existing one, this funding will help local organizations inspire Michigan’s children and families to see college and career training as real, achievable goals — laying the groundwork for brighter economic futures across Michigan.

“To build a strong state and a strong economy, we must start by investing in our children and their education – which includes financial literacy,” said LEO Director Susan Corbin. “LEO is proud to fund this essential program that can improve educational achievement for low-income children and create financial stability for low-income families.”

Michigan’s Children’s Savings Account programs are locally driven efforts that build community wide support systems to help students and families dream big. The programs engage students and their families early by enrolling children in community-based savings or investment accounts, encouraging families to save and plan for the future. These funds go on to provide financial support for students’ endeavors after high school — whether that’s college, career training or another educational path.

As part of the Children’s Savings Account Network, these programs are embedded across the state and often implemented in collaboration with school districts, financial institutions and other local partners. CEDAM is proud to support this growing field. Designed with universal access in mind, CSA programs are intentionally structured to serve all students—regardless of income—so that every child has the opportunity to build a strong foundation for their future.

"Children’s Savings Account programs are about more than saving money — they’re about helping students see a future full of possibility," said CEDAM executive director Eddie Fakhoury. "By engaging kids early and surrounding them with support, communities send a powerful message: we believe in you. These programs are locally led, built on trust, and rooted in the idea that when students succeed, the entire community benefits. Investing in our young people is one of the smartest ways to invest in our local economy and future." 

The grant program is a result of the policy recommendations made by the Michigan Poverty Task Force, whose goal is to remove barriers to economic mobility and lower costs for struggling Michiganders. To learn more about their work, visit michigan.gov/PovertyTaskForce.

“A primary goal of Children’s Savings Accounts is to create financial stability among low-income families to help them save for college-related expenses and invest in their children’s future,” said Kim Trent, LEO’s Deputy Director for Prosperity and key staffer for the Poverty Task Force. “This goal directly supports the mission of the Poverty Task Force by investing in the long-term success of participating low-income children and families across the state.” 

Innovation & Sustainability Grant Recipients

• Alternatives For Girls
• Barry Community Foundation
• Cass City PROMISE
• Cass Kickstart to Careers
• City of Lansing - Office of Financial Empowerment
• Community Foundation for Muskegon County
• Huron County Community Foundation
• Lapeer County Community Foundation
• Michigan Gateway Community Foundation
• Urban Neighborhood Initiatives 

New Program Development & Administration Grant Recipients

• Allegan County Community Foundation 
• City of Romulus 
• The Northport Promise