LANSING, Mich. — A $5 billion plan to help improve financial opportunities for businesses, consumers and communities in Michigan was announced today by Gov. Gretchen Whitmer and Huntington Bancshares Inc.
The five-year lending investment and philanthropic commitment is part of a $20 billion community plan Huntington announced Sept. 1.
“This is great news for Michigan’s small-business owners who have faced unprecedented challenges as we have navigated the COVID-19 pandemic over the past six months,” said Whitmer. “These are Michiganders who have spent their lives building their businesses and who need our help now more than ever.”
The 2020 plan reflects increased investments in the following areas:
- Access to Capital: Investment in small businesses, emphasizing those owned by minorities and veterans. Investment in business planning educational programs for business owners.
- Affordable Housing and Home Ownership: Expansion of lending programs and educational services to support increased home ownership for minority and low-to moderate-income borrowers.
- Community Lending and Investment: Investment in Michigan’s community efforts related to affordable housing, food security, workforce development and social equity.
According to a press release from the state, Huntington has been working with Whitmer and Michigan community organizations to ensure the plan reflects the needs of Michiganders. The bank plans to continually work with community organizations across the state to implement the Michigan Community Plan.
“This is an opportunity to take a more deliberate approach toward investing in the people and businesses that will have the greatest impact in our communities,” said Lt. Gov. Garlin Gilchrist. “I’m excited to see how we can build upon this partnership with Huntington Bank to advance equity in economic growth to ensure that new doors are open to a more diverse group of entrepreneurs at every stage of their business.”
Wednesday's News Conference:
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