New Micro Lending Program to Pump Cash into Detroit
Thursday, November 7, 2013
Earlier this week, Columbus, Ohio-based Huntington Bank announced the launch of the Pure Michigan Micro Lending Initiative – and committed $25 million to the program. Five-million dollars in lending, which is scheduled to begin immediately, has been earmarked specifically for Detroit businesses.
Pure Michigan is a collaboration between the state of Michigan and Michigan Economic Development Corporation (MEDC). MEDC president and CEO Mike Finney says the goal is to line up other financial institutions to eventually make as much as $250 million in microloans available to small businesses in the state.