Partnership pumps 3B into business lending
Huntington Bank has entered into a public-private lending partnership with the state of Michigan and the Michigan Economic Development Corp. by committing $2 billion in commercial and small business lending throughout the state.
The four-year commitment is aimed at generating jobs and attracting businesses to Michigan. Huntington is the first Michigan bank to enter into this partnership. Called the Pure Michigan Business Connect Program, other initial participants include CMS Energy, DTE Energy and the Export Import Bank of the U.S., all of whom are contributing to the overall $3 billion commitment.
“Huntington believes in Michigan and its promising future. Huntington has committed $2 billion in lending to Michigan because we want to help businesses expand and generate jobs,” said Steve Steinour, chairman, president and CEO of Huntington Bank. “Gov. Rick Snyder, the state legislature and the MEDC are making the state more business friendly. We are working with them to help restore the state to the economic powerhouse it once was. We plan to be a vital engine in Michigan’s exciting future.”
State officials are pleased with the commitment and believe it will help attract new businesses to Michigan that previously were wary of securing financing.
“With $2 billion in new lending capacity, the partnership will play a major role in bringing more employment to Michigan,” said Snyder.