New program to aid Michigan businesses


DETROIT — Small and growing Michigan businesses will get new access to loans under a public-private partnership involving the state and Huntington Bank.

The Pure Michigan Micro Lending Initiative will begin with an initial $5 million financial commitment by Huntington Bank for a pilot program in Detroit. The funds will be allocated as a loan to the Detroit Development Fund, a nonprofit Detroit-based micro lender.

The Michigan Economic Development Corp. will provide initial credit reserves in support of the program, enabling up to $225 million in further bank funding for additional loans statewide.