Huntington Bank announces $5 billion initiative to boost Michigan businesses, communities
LANSING, Mich. (WJRT) - Huntington Bank and Gov. Gretchen Whitmer announced a $5 billion plan Wednesday to improve financial opportunities for Michigan businesses, consumers and communities.
The plan is part of a $20 billion corporate initiative Huntington announced on Tuesday. Michigan’s portion involves lending, philanthropic and investment commitments over the next five years.
“In this critical time when businesses are confronting the extreme challenge of a public health crisis, recession and issues related to social equity, Huntington’s purpose of looking out for people calls us to do more for Michigan’s small businesses, consumers and communities,” said Sandy Pierce, Huntington’s director of Private Banking, Insurance Agency, Vehicle Finance and Regional Banking. “We believe this commitment is a very meaningful investment in Michigan’s economic future.”
She pointed out the coronavirus pandemic has affected small and urban micro businesses especially hard.
The basic concepts include access to capital for small businesses, working to expand home ownership and breaking barriers to providing community needs. Huntington plans to release more specific information about its plans over the next several months.
“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,” Whitmer said. “These are Michiganders who have spent their lives building their businesses and who need our help now more than ever.”
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