Detroit Development Fund

8:48 am
Wed November 6, 2013

MEDC, Huntington Bank announce microlending program for small businesses

The Pure Michigan Micro Lending Initiative will focus on loaning money to small businesses in Michigan's urban centers.
Credit 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.

Read more