DETROIT – Michigan Gov. Jennifer Granholm has formally unveiled a plan to partner with the Michigan Credit Union League to provide $43 million for loans to potential entrepreneurs – in addition to plans to also allocate another $200,000 to teach, start or expand small businesses in the state.
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Through Michigan’s credit unions, the plan is to make the $43 million available for loans to about 2,100 small businesses. The loan partnership, called the Michigan Small Business Financing Alliance, includes 335 credit unions and the state's Small Business and Technology Development Centers. State agencies will help in the loan application process.
More details are expected to be available in the next three months, according to the state.
