BUSINESS BRIEF
New program to aid Michigan businesses
11/5/2013DETROIT — 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.