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.
Gov. Rick Snyder on Monday helped launch the program, which is led by Huntington Bank and the Michigan Economic Development Corp. According to Snyder's office, the target market for the program includes small businesses owned by women and minorities.
The MEDC will provide initial credit reserves in support of the program, enabling up to $225 million in further bank funding for additional loans statewide.