$250M microlending program launches
Huntington Bancshares in Columbus, Ohio, is partnering with the state and the Michigan Economic Development Corporation to form the Pure Michigan Micro Lending Initiative. The company has committed $25 million to help launch the program for small businesses in the state. It will provide $5 million to the Detroit Development Fund, a community microlender, through 2018.
The Initiative plans to make up to $250 million in loans available through community microlenders who will distribute the funds to owners of small businesses. The program is an effort to reduce unemployment and underemployment throughout the state. Providing needed capital will help small businesses grow and create jobs. MEDC will provide additional backing for the program, and other state banks are urged to commit lending funds.