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Investor Spotlight: Huntington Bank Partners with MEDC to Launch Microfinance Initiative

Huntington Bank has formed the Pure Michigan Micro Lending Initiative with the MEDC to address capital access issues affecting small businesses. Considered to be a first-of-its-kind program in the U.S., Huntington and MEDC are leading the program as part of a commitment to invest in Michigan and spur economic recovery in the Midwest by supporting the creation of new jobs at the small business level. It is backed by a Huntington statewide commitment of $25 million, which includes $5 million dedicated to Detroit small businesses.

The Pure Michigan Micro Lending Initiative launched in Detroit in November 2013 through the Detroit Development Fund, and targets small business owners in need of micro loan infusions beyond the scope of traditional bank underwriting. To read more about the partnership, click here.