Detroit Development Fund

Joy VanBuhler / Flickr

The Pure Michigan Micro Lending Initiative will begin with $5 million from Huntington Bank to small local businesses in Detroit. The bank has also pledged $25 million to expand the program across the state in the next five years.

The program is a partnership between the Michigan Economic Development Corporation, Huntington Bank,  the Detroit Development Fund and the Snyder administration. It will provide loans to small businesses anywhere from $500 to $50,000 dollars.