Pure Michigan Microlending Initiative with MEDC & Huntington Bank.
GROW is proud to be involved and a part of the Pure Michigan Microloan Initiative. You can download a PDF of our brochure for more information and details about the program, or get more information about our Microlending programs now.
As Michigan continues its internationally recognized economic recovery, many entrepreneurs, and small and microsized business owners are filling market gaps and creating and building new businesses in the state. With the right capital backing, and a committed team of partners, these businesses have the potential to fuel consistent job growth in Michigan over coming generations.
Micro-lending is defined as the extension of credit to small businesses that typically employ five or fewer individuals, with loans ranging from $1,000 to $250,000. Microloans allow increased access to capital that traditional loans may not offer due to the size of the loans, the limited operating history, lack of traditional collateral and/or the credit history of the business owner.
Created as a collaboration with the Michigan Economic Development Corporation, Huntington Bank is providing funding for a five-year, $5 million Michigan small business lending commitment through a new partnership under the Pure Michigan Micro Lending Initiative. Huntington funds allocated to this Initiative expansion will be lent through the Opportunity Resource Fund, an established Michigan microlender. These funds will complement existing community microlending resources available in West Michigan via Grand Rapids Opportunities for Women (GROW).
Application support and business development coaching will be provided statewide through Michigan’s Small Business Development Center (SBDC), and by LINC Community Revitalization in Grand Rapids.