Bank partners with foundation on $25M commitment to Flint
AUBURN HILLS — An effort to boost Flint amid the city's crisis with lead-tainted water is getting a $25-million commitment that includes small business loans and specialized mortgage financing from a bank with a large presence in West Michigan.
Detroit Pistons owner and Platinum Equity CEO Tom Gores, a Flint native, and Huntington CEO Steve Steinour announced the economic development program today.
The partnership involving Gores' FlintNOW Foundation and Columbus, Ohio-based Huntington Bancshares is aimed at helping people in Flint and Genesee County, including homeowners, businesses and entrepreneurs. Gores earlier pledged to raise $10 million to help Flint.
The new program includes a $20-million commitment for small business loans, a $2-million commitment for micro-lending to small businesses and a $2-million commitment for specialized mortgage financing available for fixing up homes.
Grants totaling $1 million will also be offered to small businesses.