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Due to the success of its pilot lending program, a collaborative initiative between Huntington Bank and the Michigan Economic Development Corp. is bringing micro-loan opportunities to small businesses.
Huntington Bank, a $69 billion asset regional bank holding company headquartered in Columbus, Ohio, announced July 28 it is expanding its Pure Michigan Micro Lending Initiative in collaboration with the MEDC, adding a five-year, $5 million micro-lending commitment to small businesses.
The expansion is anticipated to create approximately 500 new small business jobs and bring micro-lending opportunities in 17 counties across West, Southwest, Central and Southeast Michigan: Kent, Kalamazoo, Van Buren, Ottawa, Montcalm, Muskegon, Allegan, Newaygo, Oakland, Clinton, Eaton, Ingham, Ionia, Macomb, Livingston, St. Clair and Wayne.
Chris Cook, director of capital access at the MEDC, said the goal of the program is to increase availability of capital to very small businesses, which typically have difficulties obtaining financing based on the size of the loans they are seeking.
"It is a collaboration between the MEDC and Huntington National Bank, wherein Huntington pledged $25 million to be lent to community development financial institutions, which are lending organizations," said Cook. "(CDFIs) lend money to small businesses and typically have a limited availability of capital. So this funding allows them to provide additional loans."
John Irwin, president of the West Michigan region...