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Grow Michigan LLC approved a dozen loans its first year worth $20.1 million, and small business borrowers include a Grand Rapids brewpub business that has opened a new pub in East Lansing.
Based in Plymouth, the Grow MI firm was formed in 2012 by a collaboration of Michigan banks, the Michigan Economic Development Corp. and the Michigan Strategic Fund. The $60 million fund was created to specialize in lending to established small businesses that need to grow, with three of the banks involved being Grand Rapids-based The Bank of Holland and Mercantile Bank, plus FNB of Kalamazoo.
By the close of 2013, Grow MI had approved loans that are now part of total capital investments of about $141 million. The small businesses making those investments currently employ more than 1,000 Michigan workers, with growth commitments of an additional 250 jobs across nine Michigan counties. Seven of the 12 investments were made in low to moderate income areas, and all are eligible for the Community Reinvestment Act, according to Grow MI.
The Community Reinvestment Act, enacted by Congress in 1977, is intended to encourage depository...