How High-growth Enterprises Make It in Michigan? Lending, Business Backing, and Peer Networks Hold the Key

From left to right: Andrea Wallace, Anthony Chang, a performer similar to those who use Opnr’s emerging marketplace for musicians to market themselves, and Gary Torgow

Concentrating on Smart Resources to Support Small Business

Just like a chef looks for quality ingredients for the best possible dish, Michigan’s small-business ecosystem is building onto its startup-company success stories by concentrating on smart resources like lending support, business backing, and peer comradery.

That ecosystem includes banks, mentorship-focused leaders and government, offering small-business owners the funding and connections needed, said Gary Torgow, Chairman of the Board of Directors for The Huntington National Bank.

“Small business is a key, preeminent area of concentration for Huntington Bank. We take it very seriously because small businesses help drive America. Small businesses make up more than 90% of the businesses in the United States. And it’s really when small business thrives that the economy and our communities succeed,” Torgow said.

Those startup bookstores, barber shops, grocery stores and restaurants build a community’s culture and strength, Torgow said, but they also serve as idea incubators that become the next Whole Foods or Books a Million. Plus, people want to live near thriving small businesses, boosting housing development and investment.

“We learned a tremendous lesson during COVID when small business was hit the hardest and we saw the impact on communities, employees, suppliers, vendors — every one of them was touched.”

Torgow said his bank’s own story reflects the path small businesses take. “Our branch started with seven employees, $3 million in loans and $10 million in assets. Today, after a number of mergers and acquisitions, Huntington has 1,000 offices in 17 states and more than 20,000 employees,” he said. It is the 16th largest bank in the country with more than $200 billion in assets.

Huntington also is the No. 1 Small Business Administration lender in the U.S. These are loans that make it easier for small businesses to get the funding they need to expand and achieve their American Dream, Torgow said.

Connecting the Dots to Drive Health Tech

Support across the small-business ecosystem also is key to new growth, said Dr. Anthony Chang, founder and Chief Executive Officer of BAMF Health, the world’s most comprehensive Theranostics center in Grand Rapids.

“Michigan is uniquely positioned as a growth hub for tech and health innovation thanks to a rare combination of government support, academic excellence, and economic viability. At every level— from local municipalities to state leadership — there’s a strong, intentional push to foster technology and health-tech ecosystems,” Chang said.

Chang says BAMF wants to connect the dots for many industries to scale.

“Michigan’s robust healthcare systems aren’t just known for size, but the quality of care,” Chang said. “These institutions embrace new technologies and could be great partners in piloting innovations that improve outcomes and accessibility. It’s an ecosystem with great potential to scale patient-centered technology.”

Add in collaboration and comradery, and you have the secret sauce for Michigan’s growth potential, said Opnr Chief Executive Officer Andrea Wallace who also serves as the Entrepreneur in Residence for StartGarden, a community of support for entrepreneurs in Grand Rapids.

Midwest founders reach out for help and that is what investors are looking for, according to Wallace.

“We’re very easy to understand. If it’s not working, we’ll figure it out and make it work,” she added. “Out-of-state investors see that and like that about Michigan.”

“I’m passionate about trying to help people streamline processes and avoid time-wasting mistakes,” Wallace said. “It’s about connecting people with the right people, and that’s something Michigan is doing better than ever before. We really do help each other wherever we can, whether it is through introductions to future customers or investors.”